Binance Posts $4.54 Billion Net Outflow as Tracked Rivals Gain $564 Million

Binance's tracked wallets recorded $4.54 billion in net outflows on DefiLlama's 24-hour dashboard on Nov. 1, as customers regained withdrawal access following a hack the exchange estimated at $6.3 billion.

The dashboard, viewed at 4:20 p.m. ET, showed a much smaller combined gain at the 10 venues immediately below Binance by tracked assets: approximately $564 million, according to The Defiant's calculation. OKX led that group with $370.08 million in net inflows, followed by Bybit with $149.35 million.

Those figures show a large imbalance between Binance's outflows and its tracked peers' net gains. They do not establish where Binance withdrawals ended up—or how much customers moved into self-custody, meaning wallets they control themselves.

DefiLlama defines USD inflows as changes in token balances valued in dollars, rather than changes caused by token prices. These are net figures: a rival exchange can receive Binance withdrawals while other customers withdraw funds from that rival. Comparing the two exchanges' net totals cannot identify the transfers between them.

The Defiant's calculation adds the selected venues' positive readings and subtracts their negative readings. The group excludes Coinbase and Kraken; it is not a market-wide total.

Withdrawals Outpace Deposits

Binance's own reopening-period tally covered a shorter, explicitly defined window: 1 a.m. to 10:30 a.m. ET on Nov. 1. The company said it processed $4.649 billion in withdrawals and $1.01 billion in deposits, leaving approximately $3.64 billion in net outflows over those first nine and a half hours.

Binance said withdrawals had resumed for all 15 networks in its initial phase by 7:36 a.m. ET, and that withdrawal volumes had declined after an initial spike.

In its reopening announcement, the exchange pledged to absorb the financial losses rather than pass them to users.

Binance said it was still testing the remaining networks and assets and expected to publish an updated proof-of-reserves report on Nov. 2.