Binance Sees Largest Outflow Since 2023 as Bitcoin Price Ticks Higher

Bitcoin (BTC) price action has been steady, trading at $83,897 on September 29, up 0.83% on the day. Over the past 24 hours, prices moved in a tight range between $82,563 and $84,381.

The spot volume on Binance reached $1.54 billion during this period. The price sits just below its 7-day simple moving average of $84,174, which is acting as short-term resistance.

However, it's worth noting that large withdrawals from exchanges can be a sign of accumulation trends. More than 13,800 BTC left Binance on September 22, the exchange's largest single-day net outflow since 2023. This move was accompanied by a drop in Binance's bitcoin reserves from about 705,000 BTC to 685,000 BTC over four days, a decline of roughly 20,000 coins worth around $1.66 billion.

According to on-chain analyst Darkfrost, 'when outflows become dominant, it indicates that some investors are choosing to hold their BTC themselves.' This could be part of a wider accumulation trend, but outflows can also happen for other reasons such as institutional custody or internal wallet moves.