Bitcoin Withdrawals from Binance Hit 3-Year High

Over the past 15 days, Binance has seen a significant withdrawal of Bitcoin, totaling nearly 40,000 BTC. This amount, valued at approximately $3.3 billion, has reduced the exchange's reserves from 704,800 BTC to 663,100 BTC. The outflows have been particularly intense, with last week recording the highest weekly level since June 2023, at 23,100 BTC. Additionally, a single day saw 14,300 BTC leave the platform, surpassing the previous week's outflow of 13,800 BTC.

Bitcoin's current trading price hovers around $85,000, adding context to the substantial value of the outflows. The rapid depletion of Binance's reserves within such a short period marks a notable shift in user behavior and market dynamics. The data highlights a growing trend of users moving their Bitcoin holdings away from the exchange, potentially reflecting changes in investment strategies or trust levels.