Binance recorded a net outflow of 23,137 BTC in the week ending September 27. This marks the largest weekly withdrawal from the exchange since June 2023, when reserves decreased by 44,942 BTC. Since September 20, the total BTC reserves held on the platform have declined by nearly 40,000 coins.
Analysts at CryptoQuant interpret these withdrawals as a sign of long-term accumulation by investors. Historically, similar outflow patterns in June 2023 preceded a period where the BTC price rose from $26,300 to $30,500. Currently, the asset has been trading in a range between $82,500 and $87,400 since September 21.
Data indicates that large-volume whale entities have simultaneously increased their stablecoin deposits on Binance. Between August 15 and the end of September, the 30-day rolling stablecoin inflows rose by 40%, growing from $21.7 billion to $30.5 billion. This influx of capital is often viewed as liquidity ready for deployment into cryptoassets.
