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Crypto exchanges 05.07: $1.23B leaves Binance

Sunday, 5 July, closed the first full MiCA week with a quiet weekend: Bitcoin consolidated in a 62,600-62,900 dollar corridor after Friday's high of 63,487 dollars. On-chain data shows 1.23 billion dollars left Binance in a week - the most since 2023 - while Revolut has begun phasing USDT out of circulation across the EEA with automatic conversion on 31 August.

Toms Ābeltiņš

6 July 20265 min read

Crypto exchanges 05.07: $1.23B leaves Binance

Sunday, 5 July: Bitcoin spent the weekend in a 62,600-62,900 dollar corridor after Friday's high of 63,487 dollars and Monday's 652-day low. DefiLlama data shows 1.23 billion dollars left Binance in a week - the largest amount in more than three years, which analysts attribute both to the MiCA deadline and to Ethereum accumulation. Revolut has begun delisting USDT across the EEA with automatic conversion to fiat on 31 August, US Bitcoin ETFs have logged five straight days of inflows, and the region's first full MiCA week passed without upheaval.

Sunday, 5 July 2026, closed the first full week of the MiCA regime in the European Economic Area with a calm but data-rich weekend. Bitcoin held above the 62,000 dollar mark, and on-chain data published on Sunday revealed the true scale of the past week: 1.23 billion dollars flowed out of Binance in a single week - the largest weekly amount in more than three years. For Baltic and Nordic users, the most practically significant news is Revolut's decision to phase Tether USDT out of circulation across the entire EEA.

Bitcoin consolidates above 62,000 dollars over the weekend

After a dramatic week that opened near 60,255 dollars and saw the price fall to 57,717 dollars on Monday - the lowest level in 652 days - Bitcoin spent the weekend in relatively quiet consolidation. On Sunday the price moved in a 62,600 to 62,900 dollar corridor after the week's high of 63,487 dollars was reached on Friday.

Macroeconomics remains the foundation of the recovery. The US June employment report showed only 57,000 new jobs, with April and May figures revised down by 74,000, while Federal Reserve Chairman Kevin Warsh stated at the ECB's Sintra forum that inflation risks have subsided. This combination triggered the forced liquidation of roughly 450 million dollars in short positions, mechanically amplifying the rally. Fund flows are also lifting sentiment: after the worst month in the history of US spot Bitcoin ETFs - 4.5 billion dollars in June outflows - the products have logged five straight days of inflows led by BlackRock's IBIT, while BlackRock's new staked Ethereum fund attracted 100 million dollars on its first trading day. Ethereum gained around 12 percent over the week and traded near 1,766 dollars.

1.23 billion dollars leaves Binance in a week

DefiLlama data published on Sunday shows that in the week beginning 29 June, net outflows from Binance reached 1.23 billion dollars - 207 percent more than the roughly 400 million a week earlier and the largest weekly amount in more than three years. Net outflows for June as a whole reached about 3.2 billion dollars. The peak coincided with the final days before the end of the MiCA transition period on 1 July, when Binance ceased most services for EU clients.

At the same time, the data allows a second reading. CryptoQuant analyst Darkfost recorded more than 166,000 Ethereum withdrawal transactions from Binance in a single day - the highest count since March 2023 - and links this to long-term accumulation near price lows, since coins leaving an exchange typically signal an intent to hold rather than sell. Notably, the pressure is not Binance's alone: Bybit became the second major exchange to restrict European users ahead of the deadline. Binance's Head of Europe and UK, Gillian Lynch, told Reuters that "Binance is not leaving Europe" and that the company plans to return with a licence.

Revolut phases out USDT: conversion by 31 August

For Baltic and Nordic users, the most direct MiCA aftershock concerns Revolut, one of the most widely used financial apps in the region. The platform has begun a mandatory delisting of Tether USDT across the entire European Economic Area, as Tether has declined to meet MiCA's reserve requirements. The process concludes on 31 August, when remaining USDT balances will be automatically converted into fiat currency. In practice this means a capital rotation into MiCA-compliant stablecoins, primarily USDC, and any user in the region holding USDT in a Revolut account is better off choosing the moment of conversion themselves rather than waiting for the automatic deadline.

The region after the first full MiCA week

The first full MiCA week in the Baltics and Nordics passed without upheaval, and the regional picture remains unchanged: around 210 firms across the EEA have obtained full CASP authorisation, while roughly 1,700 companies that did not secure a licence must wind down their EU operations. Latvijas Banka enters July with seven licensed crypto-asset service providers and positions Latvia as the fastest licensing route in the region, Lithuania retains the largest fintech ecosystem, and in Estonia only holders of MiCA authorisations remain on the market after the old FIU licences expired.

In the Nordics, licensed exchanges continue dividing the space left by Binance: Norway's Firi is driving its expansion into Sweden with the goal of becoming the market leader, while Sweden's Safello is refocusing on institutional clients and has extended its crypto buying, selling and custody services to Finland. Estonia is also seeing a new trend on the adoption side - stablecoin payments are appearing in retail, including at electronics, jewellery and streetwear brands.

Weekend security incidents

The weekend was a reminder that risks do not disappear even in a regulated environment. Users of the prediction market platform Polymarket lost around 3 million dollars in a phishing campaign - attackers bypassed the secure smart contracts by deploying fake interfaces in which users themselves approved malicious transactions. Separately, a vulnerability in the delay module of Gnosis Pay's smart contract allowed attackers to drain crypto wallets linked to debit cards. Both cases confirm that the weakest point remains the interface between the user and the blockchain, not the blockchain itself.

What this means for users

A quiet Sunday does not cancel three practical conclusions. First, a platform's licence status is still worth checking in the ESMA register or the public lists of Latvijas Banka, the Bank of Lithuania, Finantsinspektsioon and FIN-FSA, because funds held on unlicensed platforms sit outside EU protection mechanisms. Second, USDT holders on Revolut and other platforms delisting Tether should plan their conversion in good time. Third, the market's recovery from a 652-day low is only a few days old, so cautious sentiment and vigilance against phishing attempts remain in order.

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