Bitcoin Price Plunges as $1.16B Leaves Binance in One Day

Bitcoin's price has fallen below $83,000 as investors move large amounts of BTC away from Binance, the world's largest crypto exchange.

A total of 13,800 BTC, worth around $1.16 billion, left Binance in a single day, marking its biggest daily outflow since 2023.

This comes as Bitcoin drops below $83,000, raising questions about investor behavior and the impact on the market.

The trend is not limited to Binance, with over 31,780 BTC worth around $2.52 billion leaving centralized exchanges over the past week.

CryptoQuant analyst Darkfost notes that this large withdrawal could be a sign of investors moving their BTC to private wallets for longer-term holding, which may decrease selling pressure and support the ongoing rally.