Bitcoin has recorded its largest single-day net outflow from Binance since 2023, with more than 13,800 BTC leaving the exchange as Bitcoin continues trading above $84,000.
CryptoQuant analyst Darkfrost reported on Sept. 25 that withdrawals have recently become much larger than deposits on Binance. The exchange holds around 30% of the Bitcoin available across major exchanges used by different types of investors.
The latest daily reading showed more than 13,800 BTC in net withdrawals, making it the largest single-day outflow from Binance in about three years.
Binance’s Bitcoin reserves also dropped from around 705,000 BTC to about 685,000 BTC over four days. That means roughly 20,000 BTC left the exchange during that period.
Bitcoin was trading near $84,300 when the data was recorded. The cryptocurrency has recovered roughly 45% from its July levels and recently moved as high as the $87,000 area.
The seven-day average Bitcoin netflow on Binance has fallen to around negative 2,000 BTC, showing that withdrawals have remained stronger than deposits.
Bitcoin’s latest price move also pushed it above the previous May high near $82,000. Darkfrost said BTC has closed above that level for several days, marking a change from the previous market structure.
The recent rally has also been supported by accumulation among some larger holders. Wallets holding between 100 and 1,000 BTC accumulated around 113,950 BTC between July 15 and Sept. 24, bringing their combined holdings to roughly 5.24 million BTC.
U.S. spot Bitcoin ETFs also recorded $346.98 million in net inflows on Sept. 23, marking their fifth straight positive trading session.
The latest Binance outflows are different from what happened earlier this year. In May, Binance was seeing much larger Bitcoin deposits, with its weekly average inflows increasing from 378 BTC to 1,190 BTC in less than 10 days.
During that period, Binance’s reserves increased by around 16,000 BTC in one month, while one daily inflow reached more than 3,600 BTC.
Now the direction has reversed, with withdrawals clearly outweighing deposits.
Large Bitcoin outflows from exchanges can sometimes indicate that investors are moving coins into private wallets for longer-term holding. When fewer coins remain on exchanges, the amount immediately available for trading also decreases.
However, exchange outflows do not automatically mean that investors are accumulating Bitcoin.
Coins can be moved to private custody, another exchange, institutional custody or different wallets for many reasons. Netflow data shows where the Bitcoin is moving, but it cannot tell us what the owners plan to do with it.
Binance’s reserve history also shows how quickly exchange balances can change. Earlier in August, Binance users held around 657,000 BTC, following an increase of more than 16,000 BTC from the previous monthly snapshot.
A similar decline in exchange reserves happened earlier this year. By May 7, almost 100,000 BTC had left Binance, OKX and Gemini since February. Binance accounted for around 50,000 BTC of that decline.
For the current move, the key factor will be whether the withdrawn Bitcoin stays away from exchanges.
If negative netflows continue, fewer BTC will be immediately available on Binance. If large deposits return, some of that decline in exchange supply could quickly reverse.
The latest withdrawals are notable because they are happening while Bitcoin’s price is rising rather than falling.
Bitcoin has gained around 45% from its July levels, while some investors appear to be continuing to move coins away from exchanges.
Darkfrost suggested that some investors who had been waiting for another major decline may now be returning to the market as Bitcoin’s recovery continues.
Bitcoin’s exchange reserves had already fallen to relatively low levels earlier in 2026. In May, total reserves across major exchanges dropped to around 2.67 million BTC, similar to levels last seen in 2019.
However, lower exchange reserves alone do not guarantee that Bitcoin’s price will continue rising. Market momentum, investor profitability and broader demand still play important roles.
As of Sept. 25, Bitcoin was trading near $84,000 after pulling back from the $87,000 area, with recent resistance developing around $86,700.
If large withdrawals from Binance continue, the amount of Bitcoin immediately available on the exchange could keep falling. At the same time, the return of large deposits would change that trend.
