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$3.3B Left Binance in 2 weeks as Outflows hit a 3-Year High
On-chain exchange flows show that accumulation has been largely dominant in recent weeks. By analyzing netflow on an exchange like Binance, which holds the largest BTC reserves, we can gauge the mood of market participants. 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. Today (data still not complete) we are seeing the largest single day of net outflows on Binance, with nearly 14 300 BTC leaving the platform. This figure is surpassing the 13 800 BTC of outflows recorded last week. On a weekly basis, last week recorded the strongest net outflows since June 2023, with 23 100 BTC leaving Binance to be deployed or held elsewhere. That represents $1.4B of accumulation in just one week. We hadn't seen this in over 3 years, when BTC was trying to climb out of its bear market, just as it is today. Since September 20, Binance reserves have been falling steadily, dropping from 704 800 BTC on September 20 to 663 100 BTC. That is nearly 40 000 BTC, or about $3.3B, that has left Binance over the past 15 days. This accumulation is certainly building a solid floor under Bitcoin, which continues to consolidate around $85 000 as investors buy and withdraw their BTC from exchanges. Combined with fading sellers, this accumulation could be enough to push Bitcoin out of this consolidation phase fairly quickly.