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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Binance Sees Largest Bitcoin Withdrawal In Its History, BTC Rally Set To Benefit?

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin Ethereum Whales And Sharks

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The largest crypto exchange in the world, Binance has experienced the most significant Bitcoin withdrawal in its history, per recent data. The company might face a bank run as crypto investors’ confidence continues to decline following the collapse of trading venue FTX and a U.S. investigation into major crypto exchanges. 

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At the same time, positive economic data from the U.S. is positively impacting the market. Bitcoin is back above its previous yearly lows. As of this writing, BTC’s price trades at $17,750 with a 4% and 5% profit in the last 24 hours and the previous week, respectively. 

Bitcoin BTC BTCUSDT
BTC’s price trends to the downside on the daily chart. Source: BTCUSDT Tradingview

Bitcoin Rally In Danger, Binance Makes A Stand

Data from on-chain analytic firm Glassnode, shared by Dylan LeClair, indicates that Binance has seen a massive withdrawal of 40,000 BTC in the last 24 hours. The outflows are almost double those seen in July 2021. 

At that time, the crypto market was experiencing a second capitulation event after hitting an all-time high north of $60,000. The cryptocurrency lost over 50% of its value from May to late July. 

In early November, the crypto exchange saw a significant outflow as FTX went belly up. However, the market seems more bearish on crypto exchanges now that at two of its worst sentiments, during the 2021 capitulation and the FTX collapse. 

Bitcoin BTC BTCUSDT Chart 2
BTC outflows on Binance increasing. Source: Glassnode via Dylan LeClair

In addition, the crypto exchange has experienced its worst stablecoin outflow since its inception. Additional data from LeClair indicates that Binance has seen $2.1 billion in outflows in the last 24 hours. There are $20 billion in stablecoin reserves. 

Overall, the exchange has enough funds to cover ten times its withdrawals, but the market sentiment is negative, and crypto investors’ confidence continues to dip. Changpeng “CZ” Zhao, CEO of Binance, welcomed the withdrawals and classified them as “stress testing”:

We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days, we have net deposits. Business as usual for us. I actually think it is a good idea to “stress test withdrawals” on each CEX on a rotating basis.

Bitcoin exchange outflows are often a bullish indicator. In the current context, with inflation declining and a potential U.S. Federal Reserve (Fed) pivot, the perception around outflows changed. 

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However, there is less Bitcoin on exchanges, regardless of market sentiment. The less the BTC supply on these venues, the more support for a market rally. 

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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