More than 13,800 BTC left Binance in a single day—approximately $1.16 billion at a bitcoin price of $84,040. It was the largest daily outflow since 2023. Binance was not the only exchange affected: withdrawals extended across several major platforms.
As of September 25, 2026, bitcoin was up around 45% from its July high. The price has remained above May’s peak of $82,000 for several days, making the current move look increasingly different from earlier short-lived rebounds. Meanwhile, the number of coins held on exchanges continues to decline.
Binance reserves are shrinking
Binance holds roughly 30% of the bitcoin deposited on exchanges open to all types of investors. Its average weekly net flow fell to −2,000 BTC, while the daily withdrawal of more than 13,800 BTC marked a three-year high.
Over four days, Binance’s reserves dropped from 705,000 to 685,000 BTC. Against the backdrop of the ongoing bull rally, this pattern may point to continued accumulation.
When outflows exceed deposits, it is commonly interpreted as a sign that some investors are moving to self-custody. Coins leave exchanges for various reasons, including plans to hold them over the longer term. This reduces the amount of BTC readily available for sale and may ease potential selling pressure.
One possible explanation for the sharp outflow is FOMO, or the fear of missing out on further gains. Buyers who had expected a deeper decline, similar to those seen in previous bear markets, may be reassessing their expectations and returning to the market.
If bitcoin continues to rise, similar episodes could recur. Withdrawals of this size remain unusual, although current conditions may make them more likely.
Outflows extend across major exchanges
From September 22 to 24, several platforms recorded negative net flows. On each day, withdrawals exceeded deposits at three or four major exchanges simultaneously.
On September 22, Binance recorded outflows of $1.19 billion, Coinbase $286 million, Kraken $55 million, and Bitfinex $43 million. The combined total was approximately $1.574 billion.
Volumes were lower on September 23: $178 million left Binance, $175 million Coinbase, $50 million Bitfinex, and $35 million Kraken. Total outflows reached $438 million.
The trend continued on September 24. Binance recorded outflows of $370 million, Bitfinex $88 million, and Coinbase $53 million. These platforms lost a combined $511 million that day, bringing total outflows across the listed exchanges to around $2.52 billion over the three days.
The breadth of the movement matters: the reduction in exchange supply extended across several major platforms.
Withdrawals also continued while bitcoin fell from approximately $87,400 to $84,000. That is an important qualification: coin outflows alone do not guarantee a price increase. They indicate that less supply is available for sale on exchanges, but they do not determine where prices will go next.
Stablecoin reserves on Binance are growing
At the same time, Binance’s reserves of ERC-20 stablecoins increased from an August low of $42 billion to $43.8 billion—a gain of roughly $1.8 billion.
These funds represent potential buying power. Combined with bitcoin moving into self-custody, this creates a situation in which more funds could be deployed into purchases while fewer BTC are available for sale on the platform.
Miners, however, are also adding supply. On September 21, they transferred 19,866 BTC to Binance, the largest volume since the August spike. That inflow can be viewed as a test of demand, while the record outflow that followed may suggest the market absorbed the additional supply.
Another development was the September 24 launch of spot trading for Hyperliquid against USDT, USDC, and the Turkish lira. The token received a Seed Tag. Listings like this can attract additional liquidity and speculative interest in altcoins, while bitcoin continues to move off the exchange into cold storage.
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