An Unprecedented Event Occurred for Bitcoin on Binance Since 2023!

As the price of Bitcoin ($BTC) continues to rise, the remarkable fund movements on Binance have become the focus of investors. According to CryptoQuant analyst Darkforth, Binance, one of the world’s largest cryptocurrency exchanges, recorded its highest single-day net Bitcoin outflow since 2023.

According to an analysis shared by Darkforth, Bitcoin has gained approximately 45% in value since its July levels. The fact that $BTC has surpassed key technical levels and closed above $82,000 for several consecutive days is cited as one of the factors distinguishing the current upward movement from previous recoveries.

The analyst noted that despite the price increase, the accumulation trend in Bitcoin continues. This trend is clearly visible in $BTC movements on cryptocurrency exchanges.

According to data, Binance hosts approximately 30% of the total amount of Bitcoin held on centralized exchanges accessible to investors. Over the past week, Binance has seen an average daily net outflow of around 2,000 $BTC, while recently a single day saw a net outflow exceeding 13,800 $BTC. This is reportedly the highest daily net $BTC outflow seen since 2023.

Binance’s Bitcoin reserves also decreased from approximately 705,000 $BTC to 685,000 $BTC in the last four days. This means that about 20,000 $BTC has been withdrawn from the exchange’s reserves.

According to Darkforth, the continuous withdrawal of Bitcoin from exchanges may indicate that some investors prefer to hold onto their assets long-term rather than sell them. The decrease in the amount of Bitcoin available for sale on exchanges is seen as a development that could limit potential selling pressure from a market perspective.

The analyst also noted that the recent sudden and large-scale outflows could indicate a different type of investor behavior. According to this, some investors who believe Bitcoin will continue to fall, as it did in past bear markets, may be re-entering the market as the price rises, driven by fear of missing out (FOMO).

*This is not investment advice.