Binance Bitcoin Outflows Hit Highest Since 2023 as Whales Deposit Stablecoins

Binance Bitcoin outflows — Bitcoin reserves at Binance have dropped sharply as the exchange recorded its largest weekly net outflow in over three years, while large investors simultaneously increased stablecoin deposits.

Data from on-chain analytics firm CryptoQuant shows Binance’s net Bitcoin outflow reached 23,137 BTC in the week ending September 27, marking the largest weekly withdrawal since June 2023. The exchange’s total BTC reserves have fallen by nearly 40,000 coins since September 20.

CryptoQuant analysts suggest the movement signals accumulation, as withdrawing BTC from an exchange typically indicates longer-term investment behavior. The firm noted similar conditions preceded a price breakout in June 2023, when BTC rallied from $26,300 to $30,500 following large Binance outflows.

Separate data reveals whale entities have increased their stablecoin inflows to Binance by 40% since mid-August, with 30-day rolling inflows rising from $21.7 billion to $30.5 billion. Analysts view rising stablecoin balances on exchanges as potential “dry powder” for future crypto asset purchases.