Bitcoin (BTC) outflows from Binance, the world's largest cryptocurrency exchange, hit multiyear records in late September, according to new analysis from onchain analytics platform CryptoQuant, which also detected a sharp rise in stablecoin deposits from whale entities.

Binance Bitcoin reserves fall by nearly 40,000 BTC since Sept. 20

Data from CryptoQuant shows that in the seven days through Sept. 27, Binance recorded net Bitcoin outflows of 23,137 BTC. On a weekly basis, the total marked the exchange's largest outflow since June 2023, when its BTC balance dropped by 44,942 in a single week. The preceding month saw roughly half that amount, yet CryptoQuant identifies similar conditions behind both withdrawal runs.

Reserve levels are tracked as a proxy for sell-side liquidity because coins on an exchange can be sold at a moment's notice, while coins moved to self-custody sit outside trading until they are redeposited.

“The more BTC leaves a widely accessible platform like Binance, the stronger the signal that accumulation is taking place. Withdrawing BTC from an exchange is a longer-term investment behavior, and therefore a positive signal,” the firm wrote in a Quicktake post.

In June 2023, BTC/USD climbed from $26,300 to $30,500 in the weekly candle that followed the Binance outflows, reaching fresh 12-month highs as part of its recovery from the 2022 bear market.

A similar accumulation pattern, CryptoQuant continued, is also reflected in Binance's reserves, which have dropped by nearly 40,000 BTC since Sept. 20.

“Combined with fading sellers, this accumulation could be enough to push Bitcoin out of this consolidation phase fairly quickly,” it added.

BTC/USD has traded in a range between $82,500 and $87,400 since Sept. 21. As Cointelegraph reported, walls of liquidity on exchanges have dictated low-timeframe price moves during that period, with the 2026 yearly open at $87,570 still overhead as resistance. Whether reserves keep thinning at a similar pace will show how far the withdrawal wave extends beyond September.

Binance whales line up stablecoin capital

Separate data shows that large-volume whale entities have increased the supply of stablecoins flowing to Binance over the past six weeks. Stablecoins — tokens pegged to a reference asset, typically the U.S. dollar — are commonly used to move fiat-equivalent capital onto exchanges, and their supply on trading venues is considered “dry powder” waiting for deployment into cryptoassets. Rising balances suggest mounting interest in increasing capital exposure.

CryptoQuant reports that between Aug. 15 and the end of September, whale entities lifted their rolling 30-day stablecoin inflows to Binance by 40% — from $21.7 billion to $30.5 billion, as detailed in a separate analysis.

“This change in behavior comes after a long lull, during which their inflows receded from the October peak, when they exceeded $61B,” the firm commented, referring to crypto markets' current all-time highs from October 2025.

Read together, the two datasets show coins leaving the exchange even as stablecoin capital builds on it — a divergence between venue-held supply and idle buying power that onchain analysts track through consolidation phases, though the metrics describe positioning rather than determine outcomes.

Source: Cointelegraph