Bitcoin Withdrawals Surge as Whales Move 3.47K BTC From Binance
On-chain analytics from Lookonchain reveal Bitcoin withdrawals totaling 3,470 BTC (about $383 million) off Binance during October and recent market dips. A single whale address first withdrew 1,470 BTC (~$163 million) within an hour, then 2,000 BTC (~$220 million) over two hours into newly created self-custody wallets. These exchange outflows signal institutional accumulation strategies that reduce sell pressure and tighten exchange supply. Traders should monitor Bitcoin withdrawals during dips as key indicators of bullish sentiment and potential price stability.
Bullish
Large Bitcoin withdrawals by whales historically reduce exchange sell pressure and tighten available supply, often preceding upward price movements. The recent combined outflow of 3,470 BTC into self-custody wallets underscores an institutional accumulation trend. In the short term, reduced on-exchange balances may support price stability during dips. Over the long term, continued whale-driven withdrawals signal sustained bullish momentum and lower selling risk, making this development a positive indicator for traders.