Bitcoin’s $3.3B Binance Exodus Looks Bullish – Until You Look At ETF Flows

Futures open interest fell 3.8% to $36.6 billion, but daily funding payments on long bets rose 57.3% to $1.5 million, Glassnode said.

• More than 40,000 Bitcoin left Binance since Sept. 20, the strongest withdrawal pace since June 2023, CryptoQuant analyst Darkfost said on Tuesday.
• U.S. spot Bitcoin ETFs saw a net outflow of roughly $90 million on Monday, SoSoValue data showed.
• BlackRock's IBIT was the only one of the twelve funds to take in money.

Bitcoin (BTC) is seeing a divergence in investor behavior. Over 40,000 BTC worth roughly $3.3 billion has left Binance (BNB) in just 15 days, marking its strongest weekly withdrawal pace since June 2023. On the other hand, U.S. spot Bitcoin ETFs have posted their first daily outflow in October, while futures leverage remains elevated. The question weighing on investors' minds is whether these coins moving off exchanges signal accumulation or shifting where investors hold their gains. 

BTC Exchange Exodus 

The exchange's reserves fell from 704,800 BTC on September 20 to 663,100 BTC, a drop of more than 40,000 coins, according to CryptoQuant analyst Darkfost. He explained on Tuesday that last week brought the strongest weekly outflows from Binance since June 2023, with about 23,100 coins withdrawn. He said early Tuesday that the pace was running higher still, though he noted the day's data was incomplete.