Matrixport Withdraws 2,354 BTC ($272M) from Binance and OKX
Matrixport has withdrawn a total of 2,354.6 BTC, equivalent to $272 million, from centralized exchanges Binance and OKX over the past two hours. The move follows a suspected ETH-to-BTC rebalancing operation, in which Matrixport sold large amounts of ETH before shifting positions into Bitcoin. According to Lookonchain data, the withdrawals included 1,200 BTC from Binance and 1,154.6 BTC from OKX. This substantial outflow signals renewed institutional appetite for BTC accumulation and could tighten supply on major exchanges, potentially applying upward pressure on Bitcoin prices. Traders should monitor on-chain flow metrics and exchange reserves for further market insights.
Bullish
Matrixport’s sizable BTC withdrawal indicates a strategic accumulation of Bitcoin off-exchange, reducing available supply on major platforms. Historically, large institutional withdrawals—such as MicroStrategy’s bulk purchases—have preceded upward price movements by tightening exchange reserves and signaling confidence. The suspected ETH-to-BTC rebalance further underscores a rotation into Bitcoin amidst broader market uncertainty. In the short term, diminished on-exchange BTC supply could heighten price volatility and trigger bullish momentum. Over the long term, continued institutional demand and off-exchange storage may sustain a supply deficit, supporting higher Bitcoin valuations. Traders should watch for similar outflow patterns and reserve declines as indicators of market sentiment and potential bullish trends.