Binance Posts $4.54B Net Outflow as 10 Rivals Gain $564M

The scale gap is the story: Binance's outflow dwarfs the combined gains at rivals, so the headline rotation into competing venues explains only a fraction of the movement. That leaves self-custody as the likely destination for much of it, though the data can't confirm it — a meaningful blind spot for anyone reading exchange flows as a sentiment signal. The question worth tracking is whether rival gains stay modest relative to Binance's losses, which would suggest a broader shift away from centralized venues rather than a simple market-share reshuffle.