Binance sees over 13,800 BTC in single-day net outflows, the largest since 2023
Odaily reports: Cryptocurrency exchange Binance recorded net outflows of more than 13,800 BTC on September 22, the largest single-day net outflow since 2023. At prices at the time, the assets were worth about $1.15 billion. Binance's Bitcoin reserves fell from about 705,000 BTC to about 685,000 BTC within four days, a decline of about 20,000 BTC, worth about $1.66 billion.
On-chain analyst Darkfrost said Binance's Bitcoin outflows are part of a broader accumulation trend, with some investors choosing to self-custody their Bitcoin. The outflows may also be related to institutional custody, internal wallet management, and other operational arrangements, and cannot be viewed on their own as proof of accumulation behavior.
Bitcoin pulled back after a recent rally and is currently holding in the $83,000 to $84,000 range, staying above $83,000. Market participants are watching whether this price level can continue to find support and whether Binance's Bitcoin outflows and the decline in exchange reserves will persist. (Bitcoin.com News)
