Binance, the exchange holding the largest Bitcoin reserves, has witnessed a massive exodus of BTC over the past two weeks. According to data shared by a CryptoQuant analyst, nearly 14,300 BTC were withdrawn in a single day on October 5, marking the largest daily net outflow recorded on the exchange in three years.
The strong whale accumulation trend has been consistent on a weekly basis as well. Binance recorded 23,100 BTC in net outflows last week, worth approximately $1.4 billion, representing the strongest weekly withdrawal since June 2023. Since September 20, Binance's Bitcoin reserves have dropped from about 704,800 BTC to roughly 663,100 BTC as of October 5, meaning that up to 40,000 BTC, valued at around $3.3 billion, have left the exchange.
This sustained outflow amid market volatility suggests that large Bitcoin holders, or whales, are increasingly moving their assets off exchanges, likely into cold storage or other custody solutions. Such behavior is typically interpreted as a bullish signal, as it reduces available sell-side liquidity and reflects growing conviction in Bitcoin's long-term price potential. The outflows reaching a three-year high further reinforce the shift in sentiment toward accumulation.
