Secure Binance-marked hardware device with deposits and withdrawals represented as bidirectional light streams

Binance Saw $11 Billion Leave in 46 Hours—Then Deposits Began Winning the Hour

By Isaac • November 4, 2026 8:43 am • Comments

Binance has now given the market something more useful than a vague assurance: a 46-hour look at what customers actually did after withdrawals reopened.

The first number is hard to soften. Customers pulled roughly $11 billion from the exchange between 06:00 UTC on November 1 and 04:00 UTC on November 3.

But the flow did not stay one-directional.

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According to CryptoSlate, Binance also received about $6 billion in deposits during the same period. That offset just over half the withdrawals and left approximately $5 billion in net outflows.

The report’s hourly breakdown showed the sharpest imbalance beginning at 08:00 UTC on November 1, when withdrawals exceeded deposits by $936 million. Through November 2, incoming funds covered a growing share of the money leaving the platform.

By the hour beginning at 03:00 UTC on November 3, Binance recorded $193 million in deposits against $183 million in withdrawals, producing a positive $10 million balance. CryptoSlate calculated that the full-period net withdrawals represented about 3.1% of Binance’s previously reported $171 billion in assets.

The exchange was reopening withdrawals in phases, including assets on Ethereum, Solana and BNB Smart Chain, while security checks continued. Binance said it would publish a detailed post-incident report after its investigation was complete, leaving this flow snapshot as an early measure of customer behavior rather than a final accounting of the breach.

The exchange had reopened services following the record $6 billion security breach it disclosed on October 29. Against that backdrop, a wave of withdrawals was hardly surprising.

The more important question was whether the rush would keep accelerating or begin to normalize.

The hourly data points toward normalization.

The hourly crossover was visible in the exchange’s own update:

One positive hour does not erase the full-period deficit. It does show that the exchange was no longer experiencing the same imbalance seen near the start of the reopening.

For scale, the roughly $5 billion net outflow represented about 3.1% of Binance’s previously reported $171 billion in assets. That is a material customer response, but it is not evidence that customers removed anything close to the majority of assets held by the exchange.

There is also a second question: where did the withdrawn money go?

Binance co-founder Changpeng Zhao said only 6% to 10% of withdrawals went to competing centralized exchanges. He said most funds moved into self-custody wallets that had not yet interacted with decentralized exchanges.

That distinction matters. Money leaving for a direct rival can signal a lasting loss of market share.

Money moving into self-custody can instead reflect customers reducing counterparty risk after a breach while deciding what to do next.

Zhao put the claim this way:

That figure deserves caution. CryptoSlate noted that Zhao did not identify the public reports or provide the underlying wallet analysis in his post.

Binance also said it absorbed the financial impact of the breach without borrowing money, selling assets or raising outside capital. Withdrawals continued reopening in phases across assets on Ethereum, Solana and BNB Smart Chain as security checks were completed.

The exchange has promised a detailed post-incident report after its investigation is complete. That report will matter more than executive commentary because it should explain how the breach happened, what controls failed and what changed afterward.

For now, the flow data tells a narrower story. Customers tested Binance with billions of dollars in withdrawals.

The exchange processed them, and by the end of the measured window deposits had started to overtake withdrawals on an hourly basis.

That is evidence of stabilization. It is not yet the same thing as full confidence restored.

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