Binance BTC outflows hit highest since mid-2023 as whales deposit stablecoins

[Oshosondy]

Stable coin inflow to Binance hits 40% since mid-August, but bitcoin outflow passed 23000 BTC in the fourth week of September. Binance bitcoin reserves has decreased by nearly 40000 coins since September 20.

https://cointelegraph.com/markets/binance-btc-outflows-hit-highest-since-mid-2023-as-whales-deposit-stablecoins

I think this can indicate whales and people generally are buying bitcoin than selling as they are moving their coins to noncustodial wallet.

What do you think?

I do not know of other exchanges, but what is happening on one exchange is also probably happening on other exchanges as usual.

[The Founding Titan]

Moving that much stablecoin into a platform like binance and then moving out that much bitcoin can only mean1 thing (maybe more), ita obvious the believe bitcoin is about to start climbing and they want their eggs in that basket, after all no one wants to keep their bitcoin in a custodial exchange especially will all the hacks that have happened this year.

Small time investors can take this as the sign they've been waiting for, for those that have been waiting instead of buying, there is no better time to buy than the present, start buying if you haven't already, and if you are already accumulating then keep going, an increase in the price of bitcoin will favour all, unless you are not holding.

[cryptomaniac_xxx]

I think this can indicate whales and people generally are buying bitcoin than selling as they are moving their coins to noncustodial wallet.

Yes, that could be the reason, if we look at the numbers, from July to September, Bitcoin has been on the upside. Specially in the month of August, wherein we have a massive +25% increased in price.

I do not know of other exchanges, but what is happening on one exchange is also probably happening on other exchanges as usual.

As much as others might not like Binance because of CZ and it's other issue, we can say that it is one of the top exchange that we have in the market. So it might also reflect what is the actual picture as far as inflows and outflows of Bitcoins and what the whales are actually doing in the last month or so.

[knuckey]

What do you think?

This is a good sign, as selling pressure on Bitcoin has weakened, and whales are choosing to hold onto their Bitcoins. With a little push without selling, Bitcoin's price will more easily rise. If this trend continues, the four-year cycle could become obsolete, and the market will now shift its focus away from following the trend. Many of us think so, and hopefully, the market will create a new history.

[NeuroticFish]

What do you think?

I guess that people have heard about the 4 years cycle and expect the bullish phase to kick in. The price has started rising, so the stars are aligning for it 
We already had a couple of nice green candles since mid-August and more will come. The expectations are high.

[Churchillvv]

This are the indications that people look out for in terms of buying and reasons to buy, since we have been seeing up and down movement over the first and second quarter of the year in this las quarter of the year people are beginning to buy and stock up especially those who sold at the peak and wants to buy in back for the next bull run and that is a good business model for whales.

[Wiwo]

When Bitcoin leave exchange hit wallets it could mean various different thing, unless is the data on chain analysis point to self custody as the recepant of those Bitcoin, sometimes exchange could move funds from one wallet to the other.

But to some extent alot of Bitcoin holder's are beginning to pay more attention to their self custody and control of their Bitcoin instead of risking them on an exchange wallet.

Bitcoin outflow from exchange indicates more self custody less coin movement and inflow to exchange signify more sell tendency so you see what it means when such actions are noticed from Bitcoin investors.

[arallmuus]

I do not know of other exchanges, but what is happening on one exchange is also probably happening on other exchanges as usual.

Yes its happening on all other exchanges as well



This is the metrics from CryptoQuant, you can easily check btc reserves as well as USD reserves across all exchanges or even specific exchanges from this website.

I think this can indicate whales and people generally are buying bitcoin than selling as they are moving their coins to noncustodial wallet.

What do you think?

From the graph, its totally showing that there are decent outflows of bitcoin ever since early - mid September and price started rallying back then so its safe to assume that people have started accumulating bitcoin and transferring it back to their own wallet.

[Zaguru12]

I guess that people have heard about the 4 years cycle and expect the bullish phase to kick in. The price has started rising, so the stars are aligning for it 
We already had a couple of nice green candles since mid-August and more will come. The expectations are high.

Honestly this could be the narrative around that the market has completed its bearish cycle and looking to get back to be been bullish and as such many Wouldn’t want to miss out on this. Or this could actually be just the sellers already leaving the market naturally because since last year after the $126k all time high attained the market has had the sellers in total control and taking back the market from them is always difficult.

If it’s a change of market directions then this could be it but that doesn’t just happen like that because bearish trend do not change easily in fact it even has long period of consolidation between the two major trends

[fullfitlarry]

Or maybe the whales know something that majority of us didn't know. But in any case, this is a good indication that there are a lot of money in the market since the last couple of months as we are pushing for a $85k++ price range.

And now that we are in the last 3 months, their could be a big push and start the bullish sentiments for next year. There are a lot of predictions that we might close the year at near $100k so we shouldn't be surprised if we hit this target.

[ObeyKnock]

I think this can indicate whales and people generally are buying bitcoin than selling as they are moving their coins to noncustodial wallet.

What do you think?

So at this point its looking more and more like we have gun loaded but whether its going to get pulled or not is another thing.

According to Darkfost of CryptoQuant, not necessarily. Analyst said that $30B+ figure cannot be interpreted as cache of dry powder held by whales. Only after such reserves get converted to BTC bids could the figure turn into real bullish indicator, Darkfost said.

This could complicate things a little as some of those stable coins moving on to binance could very well go to alts and not necessarily sit around waiting to be used to buy btc.

The 7-day average number of deposited altcoins on Binance during the same week stood at about 31,800, close to 4x more compared to 8,300 during July.


https://crypto.news/why-are-bitcoin-whales-sending-30-5b-to-binance/

[NeuroticFish]

Or this could actually be just the sellers already leaving the market naturally because since last year after the $126k all time high attained the market has had the sellers in total control and taking back the market from them is always difficult.

So you are saying that the sellers "are leaving the market" by moving their bitcoins into cold storage? And by spending increasing quantities of stable coins to withdraw even more bitcoin??


Sorry, but if it would happen what you are saying, the direction would be the opposite from what OP is highlighting.

[Accardo]

Maybe so the government won't freeze Bitcoin held in exchange reserve to fill up government reserves, soon bitcoiners will go full self custody. Exchanges are banks. Outflows from whales and traders moved to non custodial wallets, for whatever reason, is a good move.

[SatsPH]

Maybe so the government won't freeze Bitcoin held in exchange reserve to fill up government reserves, soon bitcoiners will go full self custody. Exchanges are banks. Outflows from whales and traders moved to non custodial wallets, for whatever reason, is a good move.

It's always been a good moved to have our Bitcoin in a wallet that we have control of. Maybe those are just buying it in an exchange and have it there for a couple of days and then move in their own wallet.

As for the stablecoins, we all know that most of us have been using it because it's pegged to dollars and somewhat if there is a dip, we hedge it to stop the bleeding. And when it goes up, exchange it back to Bitcoin and after that move to non-custodial wallets.

[Perfectbaby]

They have started understanding that market is about to take a major ride that is why more interest are being focused on bitcoin just to make sure that they didn’t miss the whole ride when the bull started. To me, there are possibilities for such things to happen on other exchanges as because if much pressure are being focused on one exchange this could actually raise suspicion or likely to increase the interest of people to know where such funds are coming from or going to. Hence, they could likely splits their deposit to various exchanges in other to order to acquire higher volumes of bitcoin just to make sure they didn’t miss the bull market when it comes.

[Woodie]

I think this can indicate whales and people generally are buying bitcoin than selling as they are moving their coins to noncustodial wallet.
What do you think?

Spot on!!

Actually this is a strategy to get ahead of he game... if you know a few whale addresses you can monitor activity.. you see stable coins going to a CEX from the whale wallet then there is a 75% chance that the whale is getting to buy Bitcoin or buying some other altcoin, but if Bitcoin goes to an exchange then a sell of BTC is definitely on the cards and depending on the quantity transferred market's could react to this!