Binance Sees Record Bitcoin Outflows Amid Possible FOMO
Binance experienced its largest Bitcoin outflow since 2023, with over 13,800 BTC leaving the exchange on September 25. This comes as Bitcoin continues to recover and trade near $84,000.
CryptoQuant analyst Darkfrost attributed the sudden withdrawals to possible FOMO (fear of missing out), saying some investors may be rushing into the market after expecting Bitcoin to fall further.
The seven-day average netflow on Binance has fallen to around -2,000 BTC, indicating more Bitcoin is leaving the exchange than entering it. Additionally, Binance's Bitcoin reserves dropped from approximately 705,000 BTC to 685,000 BTC in four days, a decline of about 20,000 BTC.
Binance holds around 30% of the available Bitcoin across exchanges used by different types of investors, making this movement notable as prices continue to rise.