Bitcoin Leaves Binance at Three-Year High as $3.3B Exits in 15 Days

What happened

Bitcoin is leaving Binance at the fastest pace in three years. Nearly 40,000 BTC, worth about $3.3 billion, moved off the exchange in roughly 15 days, according to on-chain data cited by analysts. Binance remains the exchange with the largest Bitcoin reserves, yet withdrawals reached their strongest levels in three years, the reports say. Large holders appear to be gaining conviction as the market flashes bullish signals, one report adds.

Reserves fell from 704,800 BTC on September 20 to about 663,100 BTC, the reports say. That is a reduction of nearly 40,000 BTC in exchange-held supply over 15 days. The reports describe the accumulation trend as consistent on a weekly basis.

Weekly net outflows reached 23,100 BTC, worth about $1.4 billion, the strongest weekly withdrawal since June 2023. In a single day, nearly 14,300 BTC left Binance, exceeding the 13,800 BTC withdrawn in the whole prior week. That daily reading was incomplete, one report notes.

Why it matters

Coins leaving a widely accessible exchange can indicate accumulation and longer-term holding behavior, the analyst argues. Bitcoin traded near $85,000 while exchange-held supply declined. Exchange netflows are often watched for clues about market behavior. One report describes whales scooping the asset off the exchange in large quantities despite price volatility.

A three-year high in withdrawals removes sell-side supply from order books. The reports say the data points to fading sellers, which could support a move out of the current range if the withdrawals continue. They also note that the trend has been consistent week over week, not a one-day event.

What the data shows

CryptoQuant data shows nearly 14,300 BTC withdrawn from Binance in a single day, the largest daily net outflow recorded on the exchange. That figure exceeds the 13,800 BTC that left in the prior week.

Weekly outflows of 23,100 BTC are worth roughly $1.4 billion, the reports state. Reserves fell from 704,800 BTC on September 20 to 663,100 BTC.

The total that left over 15 days is about 40,000 BTC, valued at about $3.3 billion. Bitcoin consolidated around $85,000 during the same period. Weekly net outflows of 23,100 BTC marked the strongest level since June 2023.

Background

The outflow pattern resembles a period in 2023, when Bitcoin was attempting to recover from a bear market. June 2023 was the last time weekly net outflows were this strong.

Binance still holds the largest Bitcoin reserves among exchanges, even as coins move off the platform at a rapid pace.

What is still unclear

• Outflows alone don't prove that prices must rise, one report cautions.
• The 14,300 BTC daily figure came from an incomplete reading, the data shows.
• The setup depends on continued withdrawals and reduced exchange-held supply, the analyst says.

Questions readers ask