Binance Suffers Largest Bitcoin Outflow Since 2023 Amid Market Rally

Binance, one of the largest cryptocurrency exchanges, has recorded its largest Bitcoin outflow since 2023. The exchange saw a net loss of over 13,800 BTC in a single day, which is a significant decline.

This massive outflow has led to a decrease in Binance's BTC reserves from 705,000 to 685,000 in just four days. The weekly netflows have averaged around -2,000 BTC, indicating a steady decline in exchange-held Bitcoin.

The decline in exchange-held Bitcoin may reduce the available selling supply, while the outflows suggest that more investors are moving their BTC into self-custody. Binance holds approximately 30% of Bitcoin available across major platforms.