The Bitcoin bullish momentum has returned, with the asset briefly crossing the $110,000 mark before pulling back slightly. After reaching a 24-hour high of $110,117, Bitcoin is now trading at $109,386, reflecting a 1.8% increase over the last day. This recent momentum places the asset about $2,000 from its all-time high of $111,814, recorded in May 2025, drawing the attention of traders and analysts once again. While price movements often grab headlines, on-chain data has begun to signal a deeper market activity.
Binance recorded an outflow of 3,400 Bitcoins as spot volume increased. According to CryptoQuant analyst Amr Taha, a substantial volume of BTC was recently withdrawn from Binance, one of the largest cryptocurrency exchanges in the world. The shift aligns with expectations surrounding a series of U.S. macroeconomic indicators, which historically tend to influence risk assets like Bitcoin. Taha highlighted that Binance recorded a net outflow of over 3,400 BTC in a single day, shortly after the price of Bitcoin surpassed the $109,000 mark. Large-scale withdrawals from exchanges like Binance are often interpreted as a sign that holders may be preparing to hold their assets for the long term or protecting their positions from potential short-term volatility. Simultaneously, Binance's share of the global Bitcoin spot volume significantly increased, from 41% to 56% in just one session. Taha noted that this spike indicates a greater reliance on Binance's liquidity by traders seeking exposure to Bitcoin ahead of economic data that could move the market. The outflow trend, combined with the increase in spot volume, suggests that traders are actively responding to broader market signals, especially from traditional finance.