Binance recorded 23,137 BTC in net outflows in the week through September 27, its largest withdrawal since June 2023, while reserves fell nearly 40,000 BTC since September 20. Whale stablecoin inflows to Binance rose more than 40%, from $21.7 billion to $30.5 billion on a 30-day basis between mid-August and late September.
Fundstrat's Tom Lee told a Singapore crowd that crypto is “2 days past the bottom” on the same morning a flash crash liquidated more than $400 million in longs, while his treasury company Bitmine said it will stop buying ether at 5% of supply.
Robinhood now holds Bitcoin on its own books and is among a growing list of BTC treasury companies.
U.S. spot Bitcoin ETFs attracted roughly $2.6 billion in September as derivatives funding normalized after three liquidation events exceeding $500 million.
The cohort's volume-weighted average cost basis is about $88,000, while Bitcoin entering U.S. spot ETFs has a running average cost basis near $82,300.
Bitcoin closed September 6.2% higher despite a Fed hike, elevated Treasury yields, $100 oil and the Clarity Act setback, defying its historically weak seasonal pattern. 21Shares says $2.6 billion of September spot Bitcoin ETF inflows and normalized funding rates show spot demand, not crowded leverage, drove the recovery.
Yearly buyer cohorts and U.S. spot ETF investors offer a map of potential support and resistance as bitcoin retreats below $84,000.
Bitcoin reached $83,647.88 over 24 hours ending Wednesday, while Ether traded at $2,581.30 as smaller tokens posted steeper declines.
U.S. spot Bitcoin funds took in billions of dollars in late September, yet an onchain estimate of demand for coins across the wider market remained negative.
Total Bitcoin liquidations reached $12.02 million as the price slipped 0.06% during the same period.
BTC CVD data show a purple whale group buying back Bitcoin it previously sold, while a red whale group continued buying after the decline.
The trader said he closed all short positions near $60,000 after Bitcoin's 1011 plunge and later resumed spot buying.