Binance BTC Outflows Fuel Fresh Bitcoin Rally Hopes

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Binance set multimonth records for net BTC outflows on Tuesday, adding to an emerging trend of positive inflows to the US spot Bitcoin ETFs.

Bitcoin (BTC) buyers are showing “better absorption” at $65,000 after Binance saw its largest net outflow in nearly two years.

Bitcoin exchange outflows are back on the radar after Binance sees net 9,000 BTC daily withdrawals.

Seller absorption is improving, even amid sideways price action, analysis says.

Institutional appetite persists with net positive ETF inflows.

Binance 9,000 BTC daily outflow raises eyebrows

New research from onchain analytics platform CryptoQuant released on Wednesday confirms that daily BTC withdrawals from the world’s biggest exchange are outpacing inflows.

“This usually reflects that short-term supply pressure on Binance is easing to some extent, as $BTC is not being sent to the exchange aggressively for potential selling,” contributor Rei Researcher wrote.

Binance netflows toggle between positive and negative after a string of positive days which ended in early June.

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