Binance Bitcoin Outflows Hit 3-Year High as 23,137 BTC…
By Abdelaziz Fathi
AI summary of the source article
Binance registered 23,137 BTC in net outflows during the seven days ending Sept. 27, representing the venue's largest weekly Bitcoin outflow since June 2023. Total reserves dropped by nearly 40,000 BTC from Sept. 20, signaling potential accumulation or internal custody reshuffling. Concurrently, large-scale stablecoin inflows exceeding $1 million each expanded rolling 30-day deposits to $30.5 billion, up from $21.7 billion in mid-August. Despite reduced available exchange supply and increased prospective buying power, Bitcoin traded near $85,300 on Oct. 6, constrained between support at $82,500 and immediate resistance at $87,400, while U.S. spot Bitcoin ETFs saw net withdrawals of $89.8 million on Oct. 5.
Why it matters
The simultaneous contraction of exchange Bitcoin supply and expansion of whale stablecoin deposits signals potential buying power, though price confirmation requires sustained spot absorption above key resistance.
Key facts
- Binance saw net weekly outflows of 23,137 BTC through Sept. 27, the largest single-week withdrawal since June 2023.
- Rolling 30-day stablecoin transfers of $1 million or more to Binance jumped more than 40% from $21.7 billion in mid-August to $30.5 billion by late September.
- U.S. spot Bitcoin ETFs posted $89.8 million in net withdrawals on Oct. 5, reversing inflows of $189.9 million from the previous trading day.