Bitcoin Bullish Signal: Investors Withdraw Big From Binance

Source Bitcoinist

On-chain data shows the Bitcoin Exchange Reserve for the Binance platform has plummeted recently, a sign that could be bullish for BTC’s price.

Bitcoin Binance Exchange Reserve Has Crashed Recently

As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin Exchange Reserve for Binance has seen a large decline since mid-April. The “Exchange Reserve” here refers to an indicator that keeps track of the total amount of BTC that’s sitting in the wallets of a given centralized exchange.

When the value of this metric goes up, it means the investors are depositing a net number of tokens of the asset into the platform. As one of the main reasons why holders transfer their coins to exchanges is for selling-related purposes, this kind of trend can have a bearish effect on the cryptocurrency’s price.

On the other hand, the indicator observing a decline suggests the outflows are overwhelming the inflows and a net amount of the asset is leaving the exchange. Such a trend can be a sign that the investors are accumulating, which can naturally be bullish for BTC.

Now, here is the chart that shows the trend in the Bitcoin Exchange Reserve for the cryptocurrency exchange Binance over the last couple of years:

Bitcoin Exchange Reserve

As displayed in the above graph, the Bitcoin Binance Exchange Reserve has been following a steep downward trajectory since mid-April, implying that the investors have been in net withdrawal mode.

In total, the platform has seen the outflow of around 51,000 BTC ($4.8 billion) during this period. Considering the large amount involved, it’s likely that whale-sized holders are behind the moves.

These latest large outflows from the exchange have accompanied a recovery rally in the BTC price. From the chart, it’s visible that a similar trend was also seen in the last two months of 2024.

Back then, the Bitcoin bull run hit a top at around the same time as the bottom in the metric. Considering this trend, it’s possible that the rally in the asset’s price may also be able to continue so long as the current trend of a decline in the Exchange Reserve continues for Binance.

That said, in today’s market, exchanges are no longer as relevant as they once used to be, due to the emergence of other gateways like the spot exchange-traded funds (ETFs). Thus, while exchange withdrawals can still be a bullish sign, where BTC would head next also comes down to how the other parts of the sector are looking.

BTC Price

Bitcoin made recovery beyond the $97,000 level just a few days ago, but it seems the coin has faced a pullback since then as it’s declined to $94,000 to kick off the new week.

Bitcoin Price Chart

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
XRP Price Prediction: Fibonacci And Elliott Wave Analysis Suggests $15 By May 2025Egrag Crypto, a well-known crypto analyst on the social media platform X, recently shared an optimistic price prediction for XRP. According to the analyst, technical analysis of the XRP price on the
Author  NewsBTC
Dec 30, 2024
Egrag Crypto, a well-known crypto analyst on the social media platform X, recently shared an optimistic price prediction for XRP. According to the analyst, technical analysis of the XRP price on the
placeholder
Ripple (XRP) Price Sees a Surge, Solana Targets $600 in 2025 as Investors Increase Focus on New AltcoinThe cryptocurrency market is showing renewed momentum as Ripple (XRP) experiences a significant price surge, and Solana (SOL) sets its sights on a bold $600 target by 2025. Meanwhile, a rising altcoin, Lightchain AI, is capturing investor attention with its innovative ecosystem and strong presale performance, making it a compelling choice for forward-looking investors. Ripple […]
Author  Cryptopolitan
Jan 15, Wed
The cryptocurrency market is showing renewed momentum as Ripple (XRP) experiences a significant price surge, and Solana (SOL) sets its sights on a bold $600 target by 2025. Meanwhile, a rising altcoin, Lightchain AI, is capturing investor attention with its innovative ecosystem and strong presale performance, making it a compelling choice for forward-looking investors. Ripple […]
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Gold Price Forecast: XAU/USD attracts some sellers below $3,250 on firmer US DollarThe Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
Author  FXStreet
May 01, Thu
The Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
placeholder
Gold Price Forecast: XAU/USD edges higher to near $3,250 as trade questions lingerThe Gold price (XAU/USD) trades in positive territory near $3,245 during the early Asian session on Monday. The renewed concerns over the US recession and US-China trade relations provide some support to safe-haven assets like Gold.
Author  FXStreet
Yesterday 01: 29
The Gold price (XAU/USD) trades in positive territory near $3,245 during the early Asian session on Monday. The renewed concerns over the US recession and US-China trade relations provide some support to safe-haven assets like Gold.
goTop
quote