Bitcoin traders appear to be entering a renewed accumulation phase as exchange outflows surge, according to fresh data from CryptoQuant. The analytics firm reported that Binance’s netflow has turned sharply negative, signaling that fewer investors are depositing Bitcoin to sell, while more are withdrawing to hold in self-custody.
Historically, negative netflows have been viewed as a bullish on-chain signal, indicating that selling pressure is easing and investor conviction is strengthening. The latest data shows a distinct shift from the heavy inflows seen during early October’s volatility, when traders rushed to exchanges amid fears of further corrections.
CryptoQuant’s chart highlights that Bitcoin’s current withdrawal trend coincides with a rebound in price toward the $110,000 zone, reinforcing the idea that recent dips were met with strong buy demand. Analysts note that this behavioral shift often precedes sustained upward moves as market participants reduce liquid supply on major exchanges.
The broader sentiment across the crypto market has also turned cautiously optimistic. With macro uncertainty stabilizing and ETF inflows resuming, many long-term holders are once again tightening supply. If this trend continues, Bitcoin’s shrinking exchange reserves could set the stage for another leg up heading into November, historically one of its strongest months.
