Bitcoin has been pushing back toward the $75,000 mark this month, and crypto analyst Burak Kesmeci says the catalyst behind the latest rally is a steady exodus of BTC from Binance.
In a Quicktake on CryptoQuant, Kesmeci pointed to the 30-day simple moving average (SMA30) of Binance’s Bitcoin Exchange Outflow metric as the clearest signal. While single-day netflow readings can be noisy, the SMA30 smooths those swings and — in his view — reveals sustained selling pressure away from exchanges. That sustained outflow, he argues, is the “real reason” BTC climbed from roughly $65,000 to above $74,000 (a move of more than 13%).
Key data from CryptoQuant cited by Kesmeci:
- The Binance BTC Netflow SMA30 has been falling and recently sat below zero.
- On average, about $55 million worth of BTC (using a $70,000 price reference) has left Binance daily over the past few weeks.
Why this matters: large transfers off centralized exchanges are commonly interpreted as a sign of growing long-term demand or accumulation. Investors often move coins into non-custodial wallets or cold storage when they intend to hold for the long run, which tightens exchange supply and can support higher prices. Kesmeci says the sustained outflows are “clear evidence of growing demand.”
The price action has held up despite broader market stress: Kesmeci noted that as of March 20, U.S. equities were weakening, yet Bitcoin remained resilient — a divergence he links to the supply dynamics visible in Binance’s netflow data.
As of this writing, BTC trades around $70,620, up about 0.4% over the past 24 hours. Analysts will be watching whether continued exchange outflows keep fueling the push toward $75,000 or if on-chain supply dynamics shift again.
Read more AI-generated news on: undefined/news
