Bitcoin is falling below $83,000, but investors are moving large amounts of BTC away from the world’s largest crypto exchange, Binance. More than 13,800 BTC worth around $1.16 billion has left Binance in a single day, marking its biggest daily outflow since 2023.
The move comes as Bitcoin drops below $83,000, raising questions about investor behavior.
Binance Sees a Largest Single-Day Outflow
According to CryptoQuant analyst Darkfost, BTC has gained around 45% since its July high and recently broke above the key $82,000 level, staying above it for several days.
At the same time, Bitcoin is flowing out of exchanges. Binance, which holds around 30% of BTC across major exchanges, has seen steady outflows, with weekly net flows averaging around -2,000 BTC.
The latest outflow was much larger. Binance recorded more than 13,800 BTC in net outflows in a single day, marking its largest daily outflow since 2023. Its BTC reserves also dropped from around 705,000 BTC to 685,000 BTC in just four days.
The trend is not limited to Binance. More than 31,780 BTC worth around $2.52 billion reportedly left centralized exchanges over the past week.
Large outflows often mean investors are moving BTC to private wallets for longer-term holding. With less Bitcoin available on exchanges, selling pressure could also decrease, supporting the ongoing rally.
Yet, Bitcoin Price Drops Below $83K
These large withdrawals are happening while Bitcoin is under short-term pressure. BTC fell 2.73% to around $82,674, while the total crypto market cap dropped 2.58%.
The decline comes as geopolitical tensions have spiked after President Donald Trump rejected Iran’s proposed seven-day regional ceasefire.
The sell off was also fueled by a leverage flush. Bitcoin liquidations reached $90.07 million, with long positions accounting for $78.06 million.
Across the wider crypto market, 122,766 traders were liquidated, taking total liquidations to $380.49 million.
Bitcoin Targets $100K as Key Support Holds
Bitcoin’s short-term drop has brought two important support levels into focus. Crypto chart analyst Ali Martinez says BTC could be going through a bullish retest after breaking out of a double-bottom pattern.
Bitcoin is now moving back toward the $82,000 neckline. Holding this level could support another move higher, with the pattern pointing toward a $100,000 target.
If the $82,000 level fails, the next major support sits at $79,688, near the 61.8% Fibonacci level. Holding above this zone could keep BTC in consolidation, while a break below it may push the price toward the 200-day SMA near $71,070.
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