Bitcoin Price Drops Below $83K as $1.16B Worth of BTC Leaves Binance

Bitcoin has fallen below $83,000 in price, but despite this decline, large amounts of BTC are being withdrawn from exchanges. Binance, the world's largest crypto exchange, saw its biggest daily outflow since 2023 with more than 13,800 BTC worth around $1.16 billion leaving the platform in a single day.

This move comes as Bitcoin dropped below $83,000, raising questions about investor behavior. According to CryptoQuant analyst Darkfost, BTC has gained around 45% since its July high and recently broke above the key $82,000 level.

Binance's BTC reserves have also seen a significant drop, falling from around 705,000 BTC to 685,000 BTC in just four days. The trend is not limited to Binance, with more than 31,780 BTC worth around $2.52 billion leaving centralized exchanges over the past week.

Large outflows often indicate that investors are moving their BTC to private wallets for longer-term holding, which could support the ongoing rally by reducing selling pressure.