[DigitalToday intern reporter Seung-a Yoo (유승아)] Bitcoin (BTC) outflows from Binance have risen to the highest level since June 2023. A recent trend of large investors sending stablecoins to Binance is also emerging, prompting analysis that bitcoin accumulation is strengthening.

On Oct. 6 (local time), blockchain media outlet Cointelegraph said on-chain analytics firm CryptoQuant said Binance’s net bitcoin outflows totalled 23,137 BTC in the seven days through Sept. 27. That is the biggest weekly outflow since Binance’s bitcoin balance fell by 44,942 BTC in one week in June 2023.

CryptoQuant analysed that bitcoin leaving exchanges is a signal of accumulation with a long-term investment character. It explained that bitcoin withdrawn from exchanges is difficult to use immediately as sell supply on exchanges, reducing circulating supply.

A similar trend appeared in June 2023. After a large bitcoin outflow from Binance at the time, bitcoin rose from $26,300 to $30,500 in the next weekly candle, hitting a 12-month high. Still, the two cases cannot be seen as the same because the outflow then was about twice this time’s scale.

Binance’s bitcoin reserves also fell quickly. Reserves, which stood at 704,800 BTC on Sept. 20, later dropped to about 663,100 BTC, a decline of about 40,000 BTC. CryptoQuant analysed that if this accumulation trend continues while selling pressure weakens, bitcoin could quickly break out of its current sideways range.

Net outflows of about 14,300 BTC also occurred on Binance in a single day on Oct. 6. That exceeded 13,800 BTC recorded the previous week and was the biggest daily net outflow confirmed by CryptoQuant. On a weekly basis, 23,100 BTC left, marking the biggest level since June 2023.

Bitcoin has traded between $82,500 and $87,400 since Sept. 21. The 2026 annual opening price of $87,570 is also still acting as resistance. With an exchange liquidity wall affecting short-term price moves, large bitcoin outflows are continuing.

At the same time, whale investors are sending stablecoins to Binance. Stablecoins accumulated on exchanges are interpreted as standby funds that can be deployed for cryptocurrency purchases.

CryptoQuant said that from Aug. 15 to the end of September, 30-day cumulative stablecoin inflows to Binance by whale investors rose 40 percent to $30.5 billion from $21.7 billion. This is lower than the level that exceeded $61.0 billion in October last year, but it is notable because inflows that had shown a long decline have increased again.

CryptoQuant interprets the simultaneous trend of bitcoin outflows and stablecoin inflows as an accumulation signal. It cited as key variables whether the stablecoin funds later lead to actual bitcoin buying and whether bitcoin can break above the resistance line around $87,570.