At the same time, Bitcoin is flowing out of exchanges. Binance, which holds around 30% of $BTC across major exchanges, has seen steady outflows, with weekly net flows averaging around -2,000 $BTC.
The latest outflow was much larger. Binance recorded more than 13,800 $BTC in net outflows in a single day, marking its largest daily outflow since 2023. Its $BTC reserves also dropped from around 705,000 $BTC to 685,000 $BTC in just four days.
The trend is not limited to Binance. More than 31,780 $BTC worth around $2.52 billion reportedly left centralized exchanges over the past week.
Large outflows often mean investors are moving $BTC to private wallets for longer-term holding. With less Bitcoin available on exchanges, selling pressure could also decrease, supporting the ongoing rally.
Yet, Bitcoin Price Drops Below $83K
These large withdrawals are happening while Bitcoin is under short-term pressure. $BTC fell 2.73% to around $82,674, while the total crypto market cap dropped 2.58%.
The decline comes as geopolitical tensions have spiked after President Donald Trump rejected Iran’s proposed seven-day regional ceasefire.
The sell off was also fueled by a leverage flush. Bitcoin liquidations reached $90.07 million, with long positions accounting for $78.06 million.
Across the wider crypto market, 122,766 traders were liquidated, taking total liquidations to $380.49 million.
$79.6K Becomes the Key Bitcoin Level
Despite the short-term drop, Bitcoin’s broader buying trend remains in focus. From a technical view, $79,688 is the key 61.8% Fibonacci support.
Meanwhile, holding above this level could keep $BTC in consolidation, while a break below it may open the way toward the 200-day SMA near $71,070.
