3-year record in Bitcoin outflows on Binance: "A rapid rise may occur"

On August 19, the US Treasury Department doubled the minimum repurchase level of long-term bonds, which caused a sharp rise in Bitcoin. While the rise continues until today, the outflows in Binance, which is considered the world's largest stock exchange, also increased.

Not seen since 2023

According to the data of on-chain analysis and tracking platform CryptoQuant, a net of 23 thousand 137 BTCs were issued from Binance in the week of September 20-27. This figure was the largest weekly net BTC outflow seen on Binance since June 2023.

As it is known, the exit of crypto money from stock exchanges is generally seen as a positive move and is interpreted as a sign that the investor does not want to sell, at least in the short term.

According to CryptoQuant, this upward movement does not consist of just a single week. The total number of BTC issued since September 20 has exceeded 40 thousand...

In the big outflow in June 2023, more than 44 thousand BTC outflows were seen per week. At that time, BlackRock surprised all financial markets and applied to the SEC for a Bitcoin spot ETF.

40% increase in fixed coin inflows…

CryptoQuant provided additional important information and stated that from August 15 to the end of September, 30-day stablecoin inflows of large investors increased from $ 21.7 billion to $ 30.5 billion. In other words, there was a 40% increase in fixed coin inflows to Binance in approximately 1.5 months.

Stable coin inflows are also interpreted as investors holding liquid assets on the stock market for the purpose of making quick purchases.

“A rapid rise can be seen”

In its analysis on the subject, CryptoQuant stated that these movements could trigger a rapid rise:

“Along with diminishing sellers, these outflows could quickly pull Bitcoin out of its current sideways trend between $82,500-$87,400.”