Binance Bitcoin Outflows Hit Highest Level Since June 2023

Binance experienced its largest weekly net outflow of Bitcoin (BTC) since June 2023, with 23,137 BTC leaving the exchange in the seven days ending September 27. According to blockchain analytics firm CryptoQuant, this marks the highest outflow since a single week in June 2023, when Binance’s reserves dropped by 44,942 BTC.

CryptoQuant interpreted the outflow as a sign of accumulation, suggesting that Bitcoin being withdrawn from exchanges is less likely to be immediately sold, thereby reducing circulating supply. A similar trend in June 2023 was followed by a price rise from $26,300 to $30,500, but the current outflow is about half of that scale.

Binance’s Bitcoin reserves decreased from 704,800 BTC on September 20 to approximately 663,100 BTC, a drop of about 40,000 BTC. CryptoQuant noted that if this accumulation continues alongside weakening selling pressure, Bitcoin could break out of its current sideways trading range. On October 6 alone, net outflows reached 14,300 BTC, the highest single-day outflow recorded by CryptoQuant.

Meanwhile, whale investors are sending stablecoins to Binance, with cumulative inflows rising 40% from August 15 to the end of September, reaching $30.5 billion. CryptoQuant views the simultaneous trends of Bitcoin outflows and stablecoin inflows as a potential accumulation signal, with key variables being whether these funds will lead to actual Bitcoin purchases and whether the price can surpass the resistance level of $87,570.