Binance Withdrawals Top FTX Levels in November, but Crypto Liquidity Defies Panic

Binance withdrawals surged into the billions after a record-breaking $6.3 billion hack, bringing back memories of FTX’s November 2022 collapse. Yet the world’s largest crypto exchange is showing a resilience that could barricade the industry from its darkest chapter. Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits during the first nine and a half hours after reopening services on November 1, resulting in $3.64 billion in net outflows. According to its October 28 Proof of Reserves data, the exchange held $171 billion in total assets, so the withdrawal wave accounted for just 2.1% of its reported holdings. This puts the outflows in perspective: despite the initial rush following the $6.3 billion hack, Binance retained assets worth 47 times the net amount withdrawn.

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