Bitcoin reserves on Binance are dropping fast as whales continue to scoop the asset off the leading exchange in large quantities despite its price volatility.
Despite being the exchange with the largest Bitcoin reserves, Binance has seen large amounts of Bitcoin rapidly flowing out of its exchange, with the Bitcoin outflows reaching their strongest levels in three years.
Binance sees largest daily outflow
Recent data shared by a CryptoQuant analyst shows that nearly 14,300 BTC were withdrawn from Binance in a single day, marking the largest daily net outflow recorded on the exchange.
The massive outflow recorded over the last 24-hour period surpasses the 13,800 BTC withdrawn from Binance in the whole of last week.
As such, it appears that large Bitcoin holders are increasingly gaining conviction in Bitcoin's potential price as the market begins to flash bullish signals.
Although the largest daily outflow was recorded yesterday, the strong whale accumulation trend has been consistent on a weekly basis, as Binance recorded a massive 23,100 BTC in net outflows last week.
While this is worth about $1.4 billion, it marks the strongest weekly withdrawal seen since June 2023, positioning the asset for a potential bull run.
40,000 BTC leave Binance
The consistent withdrawals recorded in the past weeks have caused Binance's Bitcoin reserves to decline steadily since September 20.
While Binance was holding up to 704,800 BTC at the time, its reserves have now dropped to around 663,100 BTC as of October 5.
As such, this means that up to 40,000 BTC, worth about $3.3 billion, have been withdrawn from Binance within a space of about two weeks.
Amid the surging demand from investors, Binance's Bitcoin outflows have reached a three-year high as momentum increasingly flips bullish.
Arman Shirinyan
Dan Burgin
