Binance processed over 166,000 ether withdrawal transactions on July 3, the highest count in more than three years, according to CryptoQuant analyst Darkfost. The same day, bitcoin miner Riot Platforms moved 500 BTC worth approximately $30.72 million to NYDIG custody, repeating a transfer pattern that preceded earlier sales this year. The withdrawal spike occurred with ether trading near $1,725 as the asset attempts to stabilize after a bruising second quarter, while Binance's exchange netflow remained positive at 12,938 ETH—a signal analysts say keeps selling risk on the table despite the record transaction count.
Binance Processes Record 166,000 ETH Withdrawal Transactions on July 3
Darkfost noted the withdrawal surge could indicate accumulation, with holders moving coins to self-custody, or funds rotating into decentralized finance (DeFi) yield opportunities. A record transaction count driven by many smaller withdrawals would point to retail participants pulling coins off the exchange, historically read as a bullish supply signal.
![Tweet from Cryptoquant discussing Binance's massive ETH withdrawals.]()
Image source: X
Despite the record number of withdrawal transactions, Binance's exchange netflow remained positive at 12,938 ETH. Fellow CryptoQuant analyst PelinayPA offered a more cautious reading, noting that positive netflow suggests "selling risk because coins on exchanges are easier to sell." A crowd of small holders may be withdrawing while fewer, larger players position inventory to sell.
U.S. spot ether exchange-traded funds (ETFs) returned to net inflows yesterday, adding $29.08 million, with Blackrock's ETHA accounting for $29.74 million. An a16z-linked wallet pulled 25,560 ETH worth $42.6 million off Binance earlier this year.
Riot Platforms Transfers 500 BTC to NYDIG Following Q1 Sales Pattern
Riot Platforms Inc. (Nasdaq: RIOT), the second-largest bitcoin miner, transferred 500 BTC worth about $30.72 million to NYDIG custody. NYDIG deposits have repeatedly preceded Riot's onchain sale patterns this year, including a similar 500 BTC move in April when the coins were worth about $39 million.
![Tweet discussing Riot Platform's latest Bitcoin sale.]()
Image source: X
The company sold 3,778 BTC in the first quarter of 2026, more than double the 1,473 BTC it produced, generating $289.5 million in net proceeds at an average price of $76,626 per coin. Riot's holdings fell to 15,680 BTC at the end of Q1, down 18% from 19,223 a year earlier, with 5,802 of those coins restricted. The staging happened with bitcoin near $61,000, roughly $15,600 below Riot's Q1 average selling price.
FAQ
What did Binance record on July 3 regarding ether withdrawals?
Binance processed over 166,000 ether withdrawal transactions on July 3, the highest count in more than three years, according to CryptoQuant analyst Darkfost. The exchange's netflow remained positive at 12,938 ETH despite the record transaction count.
How much bitcoin did Riot Platforms transfer to NYDIG custody?
Riot Platforms moved 500 BTC worth approximately $30.72 million to NYDIG custody. The company previously made a similar 500 BTC transfer in April when the coins were worth about $39 million, a pattern that preceded onchain sales.
How many bitcoin did Riot Platforms sell in Q1 2026?
Riot sold 3,778 BTC in the first quarter of 2026, generating $289.5 million in net proceeds at an average price of $76,626 per coin. The company's holdings fell to 15,680 BTC at the end of Q1, down 18% from 19,223 a year earlier.
