As per data provided by IntoTheBlock analytics data aggregator, on Tuesday, July 27, 13,820 Bitcoins were moved from the Binance exchange.
The analytics firm believes this is the largest BTC withdrawal from this centralized crypto exchange since April 19, when Bitcoin had reached the $56,000 level.
When negative exchange net flows occur, the tweet continues, it is, as a rule, a sign that whales and smaller investors are accumulating Bitcoin. They move it to cold storage vaults or to projects that offer yield farming.
13,820 $BTC left @binance yesterday.July 28, 2021
This is the largest withdrawal since April 19, back when the price hit $56k
Negative exchanges Net Flows are usually associated with signs of accumulation, as investors look to move their assets to cold storage wallets or yield services. pic.twitter.com/cqg6gMKeyJ
A commenter has suggested that this large withdrawal was made in response to the recent KYC rules changes announced by Binance.
The founder of Capriole Investments, Charles Edwards, also shared a chart by CryptoQuant, showing that at the moment the market is witnessing massive Bitcoin outflows from multiple crypto exchanges.
Massive exchange outflows across multiple exchanges.— Charles Edwards (@caprioleio) July 28, 2021
BTC reserves on exchanges now sitting near 2021 lows. pic.twitter.com/yqFOe8xDVK