Binance Experiences Record Single-Day Bitcoin Outflow Amid Price Surge
Binance, one of the world's largest cryptocurrency exchanges, has seen its highest single-day net Bitcoin outflow since 2023. According to CryptoQuant analyst Darkforth, this is a significant event that could impact market dynamics.
The price of Bitcoin (BTC) has risen approximately 45% since July levels, surpassing key technical levels and closing above $82,000 for several consecutive days. Despite the price increase, the accumulation trend in Bitcoin continues, with investors withdrawing their assets from exchanges.
Binance hosts around 30% of the total amount of Bitcoin held on centralized exchanges accessible to investors. Over the past week, Binance has seen an average daily net outflow of approximately 2,000 BTC, while a single day saw a net outflow exceeding 13,800 BTC. This is reportedly the highest daily net BTC outflow since 2023.
Darkforth notes that this continuous withdrawal of Bitcoin from exchanges may indicate that some investors prefer to hold onto their assets long-term rather than sell them. The decrease in the amount of Bitcoin available for sale on exchanges could limit potential selling pressure from a market perspective.