Binance Sees Record-Breaking Bitcoin Outflow Amid Market Volatility
Binance, one of the largest cryptocurrency exchanges, has experienced its largest Bitcoin outflow in over two years. The exchange recorded a net outflow of more than 13,800 BTC in a single day, with their reserves falling from 705,000 to 685,000 BTC over four days.
This decline in exchange-held Bitcoin may reduce the available selling supply, which could potentially impact the market's dynamics. The weekly net flows have averaged about -2,000 BTC, indicating a consistent trend of investors moving their BTC into self-custody.
Binance holds approximately 30% of the available Bitcoin across major platforms, making this outflow significant and noteworthy. The reasons behind this movement are unclear, but it could be a sign that investors are becoming more cautious about holding their assets on exchanges.