Bitcoin inches toward $75K as large Binance outflows underpin latest rally, analyst says
Bitcoin has pushed back toward the $75,000 zone in recent weeks, posting a fresh burst of strength that saw the price climb from roughly $65,000 to highs above $74,000. CryptoQuant analyst Burak Kesmeci argues the “real reason” for this move is sustained, meaningful BTC outflows from Binance — the world’s largest exchange by trading volume.
What the data shows
- CryptoQuant’s 30-day simple moving average (SMA30) of Binance’s Bitcoin Exchange Outflow metric has steadily declined in recent weeks. That trend signals a consistent net transfer of BTC off the exchange.
- Kesmeci stresses that daily netflow numbers can be noisy, so he follows the SMA30 for a clearer picture.
- According to the CryptoQuant-derived data Kesmeci cites, an average of about $55 million in BTC (using an average price of $70,000) has been leaving Binance each day over the past few weeks. That daily outflow magnitude is, in his view, “clear evidence of growing demand.”
Why outflows matter
Large movements of coins off centralized exchanges are typically interpreted as reduced sell-side liquidity: investors often withdraw to noncustodial wallets for long-term storage, or to secure newly accumulated holdings. When more coins leave an exchange than enter it over time, it can signal accumulation and relieve potential selling pressure — conditions that can support higher prices.
Price action and market context
The more than 13% rally from about $65,000 to above $74,000 coincided with Binance’s BTC Netflow SMA30 turning negative and staying there. Kesmeci notes this bullish price behavior has persisted despite broader market headwinds, including geopolitical uncertainty stemming from the ongoing conflict in the Middle East. “As of March 20, U.S. equity markets are bleeding — yet Bitcoin is holding strong. The demand sitting behind Binance’s netflow data explains why,” he wrote.
Current price
As of this writing, Bitcoin trades around $70,620, a roughly 0.4% increase over the past 24 hours.
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