Binance Bitcoin Outflows Hit 3-Year High as 23,137 BTC…
CryptoQuant data show Binance lost a net 23,137 BTC in the week through Sept. 27, its largest weekly outflow since June 2023, while million-dollar stablecoin inflows rose above 40%.
Bitcoin withdrawals from Binance reached a net 23,137 BTC in the seven days through Sept. 27, the exchange's heaviest weekly outflow in more than three years, according to CryptoQuant data. The last comparable week came in June 2023, when 44,942 BTC left the venue. Binance's Bitcoin reserves have also declined by close to 40,000 BTC since Sept. 20.
The flow data has not yet produced a decisive price move. Bitcoin was trading near $85,300 on Oct. 6, still below the $87,400 September high that has served as immediate resistance, with the $82,500 area marking the nearest support. The asset has spent much of the period since Sept. 21 ranging between those two levels.
Whale stablecoin deposits climb
A separate CryptoQuant dataset shows rolling 30-day stablecoin inflows from wallets sending more than $1 million at a time rising to $30.5 billion by the end of September, up from $21.7 billion in mid-August — an increase of more than 40%. Stablecoin balances held on exchanges are often described as buying power, though deposits can also serve as derivatives collateral, market-making inventory, arbitrage funding or transfers between stablecoin rails.
The shift follows a weaker stretch earlier in the year. Binance's stablecoin reserves fell by roughly $1.55 billion over 30 days in July, after holdings surpassed $45 billion in February.
CryptoQuant interprets the Bitcoin outflows as accumulation, since coins leaving a liquid trading venue may be moving into longer-term custody. That reading is plausible but unconfirmed — the destination wallets and their owners are not identified, and withdrawals can equally reflect custody transfers, internal wallet management, institutional settlement or movement to other venues.
Counter-signals remain. U.S. spot Bitcoin ETFs recorded $89.8 million of net withdrawals on Oct. 5, a day after attracting $189.9 million. Even so, Bitcoin has gained about 42% in the third quarter, recovering much of its first-half decline, and large holders accumulated roughly 43,000 BTC over a 60-day stretch through August.
A sustained break above $87,400 would strengthen the accumulation case, while a loss of $82,500 would suggest that reduced exchange supply has not been enough to overcome selling pressure.
Source: FinanceFeeds