$3.3 BILLION IN BITCOIN JUST LEFT BINANCE — BUT THERE’S A CATCH
More than 40,000 BTC has reportedly left Binance since September 20, marking the strongest withdrawal pace since June 2023.
At first glance, that sounds extremely bullish.
Why?
When Bitcoin moves off an exchange, it can mean investors are moving coins into private custody instead of keeping them ready to sell. That can reduce immediately available supply and potentially strengthen the market’s foundation.
But here’s where things get interesting…
U.S. spot Bitcoin ETFs recorded roughly $90 million in net outflows on Monday — their first daily outflow of October.
BlackRock’s IBIT was the only one of the 12 spot Bitcoin ETFs to record an inflow that day.
$BTC
More than 40,000 BTC has reportedly left Binance since September 20, marking the strongest withdrawal pace since June 2023.
At first glance, that sounds extremely bullish.
Why?
When Bitcoin moves off an exchange, it can mean investors are moving coins into private custody instead of keeping them ready to sell. That can reduce immediately available supply and potentially strengthen the market’s foundation.
But here’s where things get interesting…
U.S. spot Bitcoin ETFs recorded roughly $90 million in net outflows on Monday — their first daily outflow of October.
BlackRock’s IBIT was the only one of the 12 spot Bitcoin ETFs to record an inflow that day.
$BTC