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Binance booked its heaviest week of Bitcoin withdrawals in more than three years in late September, with the exchange’s net outflow reaching 23,137 BTC in the seven days through Sept. 27, according to Cointelegraph, citing onchain data from CryptoQuant.
That was Binance’s largest weekly net outflow since June 2023, when 44,942 BTC left the platform in a single week — meaning the September run was roughly half the size of the earlier event. CryptoQuant said in a blog post that heavier withdrawals from a widely used venue like Binance point to accumulation rather than selling, since pulling coins off an exchange is typically longer-term investor behaviour.
Also read: Bitcoin Exchange Reserves Hit 2.68M BTC, Lowest Since 2023
Key facts
- Binance’s net Bitcoin outflow hit 23,137 BTC in the week through Sept. 27, 2026, its largest weekly figure since June 2023.
- Binance Bitcoin reserves have fallen by nearly 40,000 BTC since Sept. 20.
- Whale entities increased their rolling 30-day stablecoin inflows to Binance by 40% between Aug. 15 and the end of September, from $21.7 billion to $30.5 billion.
- BTC/USD has traded between $82,500 and $87,400 since Sept. 21, with the 2026 yearly open of $87,570 still acting as overhead resistance.
- CryptoQuant linked the pattern to June 2023, when BTC/USD moved from $26,300 to $30,500 in the weekly candle that followed the Binance outflows.
CryptoQuant sees a repeat of June 2023 conditions
Per Cointelegraph, CryptoQuant argues that the combination of shrinking exchange balances and fading sellers could be enough to push Bitcoin out of its current consolidation phase relatively quickly. The comparison the firm draws is with mid-2023, when a comparable withdrawal wave preceded a move to new 12-month highs as the market worked through its recovery from the 2022 bear market.
Whether the same sequence repeats is not something the data settles on its own. Bitcoin has spent the period since Sept. 21 locked in a relatively narrow band, and liquidity resting on exchanges has driven short-timeframe price action during that stretch, as CoinPulseHQ has reported.
Also read: New Hampshire rejects $100M Bitcoin bond plan; Circle wins national trust bank approval
Whale stablecoin balances build on Binance
A second set of data points in the same direction, though in a different asset. Stablecoin supply held on exchanges is generally read as capital waiting to be put to work, so rising balances suggest growing appetite for crypto exposure.
CryptoQuant reports that large-volume whale entities lifted their rolling 30-day stablecoin inflows to Binance from $21.7 billion to $30.5 billion between Aug. 15 and the end of September — a 40% increase. In its commentary, the firm noted the shift followed a long lull in which those inflows had receded from the October peak, when they exceeded $61 billion, a level tied to the crypto market’s current all-time highs set in October 2025.
Why it matters
Exchange balances are one of the few real-time gauges of holder intent, and a multiyear withdrawal record at the largest venue is a meaningful signal for traders watching whether Bitcoin’s range resolves upward or downward. If the coins leaving Binance are moving to self-custody rather than to other exchanges, the available supply for sale thins out. The stablecoin side matters for the same reason in reverse: dry powder sitting on exchange wallets is capital that has already been converted and is only a trade away from entering the market. Together, the two data sets describe whales positioning for a move rather than reacting to one.
What to watch
The next test is whether Binance’s reserves keep falling past the roughly 40,000 BTC already withdrawn since Sept. 20, and whether BTC/USD can clear the $87,570 yearly open that has capped price action so far. A weekly close above that level, or a failure to hold the $82,500 floor, would be the clearest read on whether CryptoQuant’s accumulation thesis is playing out.
This article is not financial advice. Crypto markets are volatile and uncertain, and readers should do their own research.
Reported by cointelegraph.com.
Source: Cointelegraph