Binance BTC reserves fell by nearly 40,000 coins since Sept. 20 as whales returned stablecoin capital to their exchange wallets.
Bitcoin (BTC) outflows from largest crypto exchange Binance set multiyear records in late September, new analysis reveals.
Data from onchain analytics platform CryptoQuant shows that in the seven days through Sept. 27, Binance’s net outflow reached 23,137 BTC.
On a weekly basis, the total marked Binance’s largest outflow since June 2023, when its BTC balance dropped by 44,942 in a single week. While last month saw merely half this amount, CryptoQuant sees similar conditions sparking both withdrawal runs.
“The more BTC leaves a widely accessible platform like Binance, the stronger the signal that accumulation is taking place. Withdrawing BTC from an exchange is a longer-term investment behavior, and therefore a positive signal,” it wrote in a blog post.
In June 2023, BTC/USD went from $26,300 to $30,500 in the weekly candle that followed the Binance outflows, seeing new 12-month highs as part of its recovery from the 2022 bear market.
A similar accumulation pattern, CryptoQuant continued, is also reflected in Binance’s reserves dropping by nearly 40,000 BTC since Sept. 20.
“Combined with fading sellers, this accumulation could be enough to push Bitcoin out of this consolidation phase fairly quickly,” it added.
BTC/USD has traded in a range between $82,500 and $87,400 since Sept. 21. As Cointelegraph reported, walls of liquidity on exchanges have dictated low-timeframe price moves during that time, with the 2026 yearly open at $87,570 still overhead as resistance.
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