Binance's Biggest Bitcoin Outflow in Three Years Lands the Same Week as a $350 Million Exchange Hack
Bitcoin's exchange reserves took two separate hits this week, and Simply Bitcoin's hosts spent Friday's show arguing the timing was not a coincidence.
BINANCE'S LARGEST SINGLE-DAY WITHDRAWAL SINCE 2023
On September 25, Binance recorded a net outflow of more than 13,800 bitcoin in a single day, its largest withdrawal since 2023, according to CryptoQuant analyst Darkfost. Over the prior four days, the exchange's reserves fell from roughly 705,000 BTC to about 685,000 BTC, a drop of nearly 20,000 coins. Binance's seven-day average netflow has been running negative by around 2,000 BTC a week.
Binance still holds close to 30 percent of all exchange-accessible bitcoin, so a sustained pullback there carries more weight than the same move at a smaller exchange. An outflow does not prove the coins are gone for good. They could be moving to cold storage, to another platform, or into institutional custody. But the size and timing of the withdrawal were enough that analysts flagged it the same day it happened.
A $350 MILLION HACK HIT A RIVAL EXCHANGE HOURS EARLIER
On September 24 at 18:31 UTC, the exchange Bitget detected unauthorized transfers draining its hot wallets. Bitget CEO Gracy Chen confirmed roughly $350 million in losses, with some estimates putting the final figure closer
This story comes from the Simply Bitcoin Live show. Watch the full episode.
