Binance BTC outflows hit highest since mid-2023 as whales deposit stablecoins

Bitcoin (BTC) outflows from largest crypto exchange Binance set multiyear records in late September, new analysis reveals.Key points:Binance net Bitcoin outflows passed 23,000 BTC in the fourth week of September, their highest in over three years.CryptoQuant analysis saw better odds of BTC/USD breaking out of its current range as a result.Whales increased stablecoin inflows to Binance by 40% since mid-August.Binance Bitcoin reserves fall by nearly 40,000 BTC since Sept. 20Data from onchain analytics platform CryptoQuant shows that in the seven days through Sept. 27, Binance’s net outflow reached 23,137 BTC.On a weekly basis, the total marked Binance’s largest outflow since June 2023, when its BTC balance dropped by 44,942 in a single week. While last month saw merely half this amount, CryptoQuant sees similar conditions sparking both withdrawal runs.“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,” it wrote in a blog post.Binance BTC daily, weekly netflows data. Source: CryptoQuantIn June 2023, BTC/USD went...