CryptoQuant researchers said the large Binance outflow coincided with Bitcoin trading around $65,000-$66,000, a sign that exchange selling pressure may be easing even as near-term direction remains uncertain.
Binance saw a net outflow of more than 9,000 BTC on Tuesday, the largest single-day withdrawal from the exchange since November 2024, as CryptoQuant researchers pointed to improving market absorption with Bitcoin trading around $65,000-$66,000. Rei Researcher said daily BTC withdrawals from Binance are outpacing inflows, suggesting coins are not being sent to the exchange aggressively for potential selling. Ruga Research said the move likely reflects large volumes shifting into self-custody, though it cautioned that 30-day netflow momentum around the zero line has been indecisive and could still reverse. The readings add to a broader market debate over whether spot demand is strong enough to support a fuller bull-market rebound, with recent improvement seen more clearly in derivatives activity and inflows to U.S. spot Bitcoin ETFs.