Binance ushered in peak bitcoin outflows since mid-2023, and whales increased their holdings of stab

There is an undercurrent of changes on the chain: Binance Bitcoin outflows hit a three-year high, and giant whales are hoarding stablecoins and ready to go.

Although the transaction data on the chart seems calm, on-chain activity around one of the world's largest liquidity hubs is turbulent. According to latest analysis from CryptoQuant, Binance witnessed its largest Bitcoin withdrawals in more than three years in the fourth week of September, with a net outflow of more than 23,000 BTC. The report also points to a potential second trend: entities related to giant whales are sending more stablecoin capital to Binance-a stability that is often seen by traders as "dry powder"(i.e., standby funds) for future purchases. Taken together, these data indicate that accumulation is taking place off-the-counter, while liquidity reserves within exchanges are rising.

Core Points

• CryptoQuant data shows that in the week ended September 27, Binance recorded a net bitcoin outflow of 23,137 BTC, the largest weekly outflow since June 2023.
• Since September 20, Binance's total BTC reserves have dropped by nearly 40,000, which is consistent with the surge in outflows.
• CryptoQuant linked this outflow trend to the increased probability of Bitcoin breaking through the current trading range.
• Another independent study found that since mid-August, the giant whale entity has increased rolling 30-day stablecoin inflows to Binance, an increase of 40%.
• Since September 21, Bitcoin has been trading in the range of US$82,500 to US$87,400, and exchange liquidity dynamics are believed to be one of the factors causing market volatility to be flat.

Binance outflows hit a three-year high

CryptoQuant's analysis focuses on Binance's net flow-the difference between the amount of BTC leaving the exchange and the amount entering the exchange. In the seven days ending September 27, the platform recorded a net outflow of 23,137 BTC items, described as the largest outflow since June 2023.

CryptoQuant also interprets this move in a historical context. It noted that while total outflows last month were about half of the end-September figure, the current situation looks similar to those earlier periods when market forces subsequently recovered. In its comments, CryptoQuant argued that moving Bitcoin from widely used exchanges is often related to long-term behavior rather than rapid transactions. "The more BTC leaves a widely accessible platform like Binance, the stronger the cumulative signal will be." The company wrote, adding that withdrawals from exchanges often reflect investment behavior with a longer perspective.

Nearly 40,000 BTC has left Binance since September 20.

Withdraws are not limited to a single week. CryptoQuant also reported that Binance's BTC reserves have dropped by nearly 40,000 since September 20, helping to confirm that the surge in outflows is part of a broader shift rather than a one-time fluctuation.

The analyst firm then linked the trend to potential changes in recent supply dynamics. It recommends that when exchange outflows coincide with "seller drain" coincide, the accumulation is sufficient to allow Bitcoin to move out of the integration phase faster than expected. This integration stage is clearly visible in price actions: Bitcoin has been traded between $82,500 and $87,400 since September 21. Previous reports have pointed out that the exchange's "wall" of liquidity limits sharp fluctuations in the market-an environment that allows short-term price actions to remain restrained even if there are larger position changes at the bottom.

In addition, it is pointed out that the annual opening price of US$87,570 in 2026 still poses resistance, which further confirms why changes in supply and demand relationships may require confirmation before they can be transformed into a clear breakthrough.

Giant whale sends more stablecoins to Binance

CryptoQuant reports different patterns in stablecoins as Binance's bitcoin balance declines. The company's separate data showed that a large number of "giant whale" entities increased stablecoin inflows to Binance over a window of approximately six weeks.

CryptoQuant described the exchange's supply of stablecoins as "dry powder," emphasizing that the increase in the balance may indicate a growing willingness to deploy capital into crypto assets. The company's data shows that between August 15 and the end of September, the giant whale entity increased its rolling 30-day stablecoin inflows to Binance by 40%-from $21.7 billion to $30.5 billion.

CryptoQuant also said this behavior occurred after a long period of low inflows. It cited a previous peak in October 2025, when giant whale stablecoin inflows exceeded $61 billion, and then described the subsequent downturn until a rebound from mid-August to late September.

Taken together, these two trends create an interesting asymmetry: BTC is leaving exchanges at a rate historically suggestive of accumulation, while stablecoins, traditionally used to quickly buy cryptocurrencies, are being added by large players. This combination is significant to traders because it shows a decrease in immediate selling pressure and an increase in buying readiness if conditions are favorable.

Follow-up Focus

CryptoQuant's data points to a market where supply is quietly moving out of exchanges, while exchange liquidity in the form of stablecoins is rising. The next test is whether Bitcoin can translate this background into a decisive move beyond its $82,500 - 87,400 range-especially given the attention paid to the level around $87,570 mentioned above.