Amr Taha
$5.4B BTC Left Binance & Bitfinex in Weeks โ ETFs Bought 45.7K BTC โ Who's Selling and Who's Buying?
๐ฐ Daily Market Update: Something interesting is happening under the surfaceโฆ while prices move up slowly, liquidity dynamics are shifting in a much more aggressive way. ๐ [Binance] Multi-Asset Netflow Cumulative - $Value This chart shows the cumulative netflows of BTC and ETH on Binance. ๐ฌBTC Flow Analysis ๐ Between Feb 21 and Mar 19, Bitcoin netflows on Binance shifted dramatically from +$55M to โ$2.1B. ๐ This represents a $2.155B outflow in less than a month. โ ๏ธ This significant withdrawal suggests that a large amount of BTC was taken off the exchange, probably headed for cold storage or to meet ETF custody needs. ๐ฌ Ethereum followed a similar trend: ๐ From -935 million USD to -1.4 billion USD, meaning an additional 465 million USD in outflows during the same period. It suggests an acceleration in ETH withdrawals, most likely heading toward: Long-term holding wallets, or Staking protocols ๐ [BTC] Exchanges NetFlow - $Value This chart tracks daily netflows across 8 major exchanges. ๐ฌ Key Observations: ๐ 3.32 billion USD outflow from Bitfinex in less than two weeks Two major spikes: ๐ March 4: ~1.75B USD outflow ๐ March 16: ~1.57B USD outflow ๐ฆ Bitcoin + US Spot ETF Flows + Liquidity Impulse The chart tracks Total ETF Holdings (BTC), which is the combined amount of Bitcoin held by all U.S. spot ETFs. ๐ฌ Key Observations: ๐ From Feb 24 to Mar 19, US spot ETFs added 45,700 BTC. ๐ต Equivalent to ~3.25 billion USD (at ~$71K average). โฒ๏ธ This steady accumulation highlights institutional demand, which historically supports bullish momentum ๐ง Market Interpretation (Putting it All Together) Now letโs connect the dots: * Massive BTC & ETH outflows from Binance. * Huge withdrawals from Bitfinex. * Continuous ETF accumulation (~3.25B USD). What does this mean? ๐ Supply is going down ๐ Demand (especially institutional) is going up