Binance sees 13.8K BTC daily net outflow, largest since 2023

Binance has seen large-scale BTC net outflows alongside Bitcoin’s recent rally, with more than 13,800 BTC leaving the exchange over the past day in the biggest daily net outflow since 2023, according to a CoinNess analysis of comments by CryptoQuant analyst Darkfost.

Darkfost said Binance’s BTC net outflows averaged about 2,000 BTC a day over the past week. Binance’s BTC holdings also fell by about 20,000 BTC over four days, to roughly 685,000 BTC from about 705,000 BTC. Darkfost said the continued withdrawal of BTC from exchanges suggests some investors are moving to self-custody and holding for the long term. That, in turn, could reduce the amount of BTC available for sale on exchanges and help ease potential selling pressure.