Whales Withdraw Record Amounts of BTC from Binance

The size of the largest BTC withdrawal transactions from Binance has been growing for several months, exceeding 15,000 coins since the end of September. CryptoQuant analyst Darkfost sees this as a sign that the number of buyers is increasing, and the share of large investors among them is growing. When an investor withdraws coins from an exchange, they generally do not intend to sell them in the near future, so the more such withdrawals, the less BTC remains on the platform for quick sale.

Darkfost analyzed the ten largest BTC withdrawal transactions from Binance. According to him, their size has been growing for several months, and activity on the Bitcoin network is gradually increasing, especially among whales. In February, when BTC fell below $70,000 and touched $62,000, such withdrawals reached 6,000-8,000 BTC. In the summer, new surges appeared with a peak of almost 10,000 BTC: they coincided with the phase the analyst calls the bottom of the current bear market. Since the end of September, the largest withdrawals have exceeded 15,000 BTC. According to Darkfost, each new wave is larger than the previous one, even though the market has gone through a decline, bottom, and the beginning of recovery during this time.

The trend covers the entire market: the average monthly withdrawal volume from Binance increased from 18,459 BTC in mid-August to almost 30,000 BTC. The analyst concludes that the number of buyers has increased, and the share of large transactions is growing at the expense of smaller ones, which may belong to retail investors.

Earlier, Darkfost recorded a record BTC withdrawal at the beginning of October: nearly 40,000 coins worth $3.3 billion left Binance in 15 days. A weekly outflow of 23,100 BTC became the largest since June 2023.

A similar picture is seen with ETH: the coin's reserves on Binance have fallen to 3.47 million, a six-month low. On October 6, the number of withdrawals reached a record 320,000 in a day, even though the price of ETH was declining at that time.

Dollar liquidity is not leaving the exchange: the USDT stablecoin reserve remained around $38.1 billion. According to CryptoQuant analyst Amr Ta, the next signal will come from the behavior of this reserve: it will either remain unchanged or be used to purchase cryptocurrency.