Binance set multimonth records for net BTC outflows on Tuesday, adding to an emerging trend of positive inflows to the US spot Bitcoin ETFs.
Bitcoin (BTC) buyers are showing “better absorption” at $65,000 after Binance saw its largest net outflow in nearly two years.
New research from onchain analytics platform CryptoQuant released on Wednesday confirms that daily BTC withdrawals from the world’s biggest exchange are outpacing inflows.
“This usually reflects that short-term supply pressure on Binance is easing to some extent, as $BTC is not being sent to the exchange aggressively for potential selling,” contributor Rei Researcher wrote.
CryptoQuant data shows that on a day-by-day basis, Binance netflows toggle between positive and negative after a string of positive days which ended in early June.
Binance BTC netflows. Source: CryptoQuant
One date stands out: On Tuesday, Binance saw a net outflow of more than 9,000 BTC, the largest single-day tally since November 2024.
“When outflows hit this size, someone is moving serious volume into self-custody. Coins off exchanges are coins that won’t be sold into the order book,” fellow contributor Ruga Research commented in a separate post.
Binance BTC netflows. Source: CryptoQuant
Ruga said that on rolling 30-day time frames, netflows continue to repeat a pattern of fluctuations, and the latest spike could still reverse.
“Can this one fail? Absolutely. Momentum has been indecisive around the zero line for two weeks. It hasn’t committed. And what happens next, honestly, nobody knows,” he wrote, referring to the mixed net positive and negative inflow days.
Rei Researcher also avoided suggesting that a major BTC price trend change could come as a result.
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