Record Bitcoin withdrawals from Binance surge to highest levels since mid-2023 amid whale stablecoin deposits
Bitcoin reserves on Binance dropped by approximately 40,000 coins following Sept. 20 as major holders moved stablecoin funds back into their exchange accounts.
The world's largest cryptocurrency exchange, Binance, experienced Bitcoin (BTC) withdrawals in late September that reached multiyear record levels, according to fresh analytical data.
Key points:
- Net Bitcoin withdrawals from Binance surpassed 23,000 BTC during September's fourth week, representing the highest level witnessed in more than three years.
- Analysis from CryptoQuant indicated improved probability of BTC/USD emerging from its present trading range following this development.
- Major holders boosted stablecoin deposits to Binance by 40% starting from mid-August.
Binance Bitcoin reserves fall by nearly 40,000 BTC since Sept. 20
According to data sourced from the onchain analytics platform CryptoQuant, Binance recorded a net outflow totaling 23,137 BTC during the seven-day period ending Sept. 27.
Measured on a weekly timeframe, this figure represented Binance's most substantial outflow since June 2023, a period when the exchange's BTC holdings declined by 44,942 coins within a single week. Despite last month's figure being only half of that earlier amount, CryptoQuant identifies comparable market conditions driving both withdrawal episodes.
"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," it wrote in a blog post.
During June 2023, the BTC/USD trading pair climbed from $26,300 to reach $30,500 in the weekly candlestick that came after the Binance withdrawals, establishing fresh 12-month peak levels as it continued recovering from the 2022 bear market downturn.
An analogous accumulation trend, according to CryptoQuant's continued analysis, manifests itself through Binance's reserve holdings decreasing by nearly 40,000 BTC starting from Sept. 20.
"Combined with fading sellers, this accumulation could be enough to push Bitcoin out of this consolidation phase fairly quickly," it added.
The BTC/USD pair has remained confined within a trading range spanning $82,500 to $87,400 starting Sept. 21. According to Cointelegraph's previous reporting, concentrated liquidity zones on trading platforms have governed short-term price movements throughout this period, with the 2026 yearly opening price of $87,570 continuing to serve as overhead resistance.
Binance whales line up stablecoin capital
Additional data reveals that high-volume whale participants have amplified the quantity of stablecoins flowing into Binance throughout the preceding six-week period.
Exchange stablecoin reserves are viewed as "dry powder" positioned for potential deployment into cryptocurrency assets, with rising balances indicating growing appetite for expanded capital allocation.
According to CryptoQuant's findings, whale entities elevated their rolling 30-day stablecoin deposits to Binance by 40% during the timespan between Aug. 15 and September's conclusion — climbing from $21.7 billion to reach $30.5 billion.
"This change in behavior comes after a long lull, during which their inflows receded from the October peak, when they exceeded $61B," it commented, referring to crypto markets' current all-time highs from October 2025.
