Bitcoin worth $3.3bn vanishes from Binance as BTC holds around $85.000

Large volumes of Bitcoin are leaving Binance in a short period. Since 20 September, the BTC supply on the exchange has fallen from 704,800 to 663,100 Bitcoin. That means more than 40,000 BTC has been withdrawn from Binance in about two weeks, worth roughly $3.3 billion. Analyst Darkfost sees the outflow as a sign that investors are buying Bitcoin and then holding it outside the exchange, while BTC itself consolidates around $85.000.

Largest outflow in more than three years

The trend becomes particularly notable when looking at the past week. According to CryptoQuant data, a net total of around 23,100 BTC has flowed out of Binance.

At the Bitcoin price used, that represents about $1.4 billion. According to Darkfost, it is the largest weekly net outflow since June 2023.

Large movements are also visible on a daily basis. Last week, around 13,800 BTC disappeared from Binance in a single day. The most recent, still incomplete daily data even point to a net outflow of nearly 14,300 BTC.

That would be the largest daily net outflow for the entire period shown in the shared chart.

The comparison with 2023 is interesting. At that time, Bitcoin was also attempting to recover from a prolonged bear market. That does not mean the same price performance will automatically repeat itself now, but the scale of the current outflow is historically notable.

Binance loses more than 40,000 BTC in two weeks

Binance’s reserves have fallen almost without interruption since 20 September. On that date, according to Darkfost, the exchange held around 704,800 BTC. It now holds around 663,100 BTC.

The difference is exactly 41,700 BTC. At a price of around $85.000, that represents as much as about $3.54 billion. Based on the valuation used, Darkfost puts the figure at about $3.3 billion.

An outflow from exchanges is often viewed as a positive signal, because this Bitcoin is no longer directly available on Binance to be sold.

However, that does not prove that all 41,700 BTC is being held by long-term investors. Coins can, for example, also be moved to other exchanges, custodians or other addresses.

Bitcoin remains stuck around $85.000 in the meantime

Strikingly, the large outflow is taking place while Bitcoin consolidates around $85.000. The price has therefore not yet made a comparable breakout, even as the amount of BTC on Binance falls sharply.

Darkfost believes this development could create a stronger floor under the Bitcoin price. If selling pressure also continues to ease, he sees room for BTC to move past the current consolidation phase relatively quickly.

For now, that remains an expectation. The hard figures mainly show that there are 41,700 fewer BTC on Binance in roughly fifteen days and that the weekly net outflow has reached its highest level in more than three years.