On-Chain Data Shows Over 51,000 Bitcoin Withdrawn From Binance Since Mid-April
Bitcoin is currently trading around $94,305, facing resistance within the $93,000 to $97,000 range. It has seen a 1.3% decline over the past day. A significant decrease in Bitcoin reserves on Binance has been noted, with over 51,000 BTC withdrawn since mid-April, dropping reserves from approximately 595,000 BTC to 544,500 BTC. This trend may indicate a shift towards long-term holding strategies among investors. Factors contributing to these outflows include institutional investors moving Bitcoin to cold storage and increased activity in decentralized finance (DeFi). Positive inflows into Bitcoin spot ETFs have also encouraged larger players to accumulate Bitcoin. Historically, reduced exchange reserves signal supply tightening, which can lead to price increases. Continued withdrawals may decrease sell-side pressure and allow Bitcoin to approach the $100,000 resistance level.
