Bitcoin ($BTC) buyers are showing “better absorption” at $65,000 after Binance saw its largest net outflow in nearly two years.
Key points:
- Bitcoin exchange outflows are back on the radar after Binance sees net 9,000 $BTC daily withdrawals.
- Seller absorption is improving, even amid sideways price action, analysis says.
- Institutional appetite persists with net positive ETF inflows.
Binance 9,000 $BTC daily outflow raises eyebrows
New research from onchain analytics platform CryptoQuant released on Wednesday confirms that daily $BTC withdrawals from the world’s biggest exchange are outpacing inflows.
“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,” contributor Rei Researcher wrote.
CryptoQuant data shows that on a day-by-day basis, Binance netflows toggle between positive and negative after a string of positive days which ended in early June.
Binance $BTC netflows. Source: CryptoQuant
One date, however stands out: On Tuesday, Binance saw a net outflow of more than 9,000 $BTC, the largest single-day tally since November 2024.
“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,” fellow contributor Ruga Research commented in a separate post.
Binance $BTC netflows. Source: CryptoQuant
Ruga said that on rolling 30-day time frames, netflows continue to repeat a pattern of fluctuations, and the latest spike could still reverse.
“Can this one fail? Absolutely. Momentum has been indecisive around the zero line for two weeks. It hasn’t committed. And what happens next, honestly, nobody knows,” he wrote, referring to the mixed net positive and negative inflow days.
“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 flows don’t mean new $BTC uptrend
Rei Researcher also avoided suggesting that a major $BTC price trend change could come as a result.
“The notable point is that negative netflow is appearing while $BTC price has recovered to around $65K–$66K. 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.”
US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
As Cointelegraph reported, consensus currently sees a full bull-market rebound hamstrung by a lack of sufficient spot demand.
Only derivatives are seeing a turnaround compared to recent months, in part evidenced by net inflows to the US spot Bitcoin exchange-traded funds (ETFs).
