Bitcoin (BTC) buyers are showing what analysts describe as ‘better absorption’ at the $65,000 level, following a record single-day net withdrawal of more than 9,000 BTC from Binance, according to fresh data from onchain analytics platform CryptoQuant published on Wednesday.
Binance Logs Biggest Single-Day BTC Outflow in Nearly Two Years
CryptoQuant contributor Rei Researcher confirmed that daily BTC withdrawals from the world’s largest crypto exchange are now outpacing inflows. The data shows Binance netflows toggling between positive and negative since a run of positive days ended in early June.
Tuesday’s net outflow of more than 9,000 BTC marked the largest single-day figure since November 2024, a span of roughly 20 months.
‘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,’ Rei Researcher wrote.
Fellow CryptoQuant contributor Ruga Research framed the significance of the move in blunt terms, noting in a separate post that 9,030 BTC left Binance while the 30-day momentum indicator recovers from deeply negative territory toward zero.
‘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.’
Ruga cautioned, however, that the signal is not conclusive. Momentum has oscillated around the zero line for two weeks without committing to a direction, and the current spike could still reverse.
‘But someone just moved 9,030 BTC off the largest exchange while momentum recovers from extreme negative territory. That combination has historically resolved to the upside.’
Exchange Outflows Alone Do Not Confirm a New Uptrend
Rei Researcher was equally careful not to read the outflow data as a green light for a sustained BTC price rally. Bitcoin has been trading in the mid-$60,000 range, circling the $65,000 to $66,000 zone.
‘The notable point is that negative netflow is appearing while BTC price has recovered to around $65,000 to $66,000. This suggests that the market is showing better absorption compared to the previous weak phase,’ he explained.
‘However, negative netflow does not automatically confirm a new uptrend. It needs to be accompanied by spot demand, volume, and a more stable price structure.’
Institutional Demand Remains Measured
The Binance outflow data arrives alongside a six-session inflow streak for US spot Bitcoin exchange-traded funds (ETFs), which added approximately $203 million in the most recent session, according to data tracked by Farside Investors.
Despite the ETF inflows, market consensus still sees a full bull-market rebound constrained by a lack of sufficient spot demand. Only derivatives markets have shown a clearer directional shift in recent months.
