Bitcoin Brushes $110K as Whales Pull Funds from Binance, What Are They Planning?

Bitcoin’s upward momentum has returned, with the asset briefly crossing the $110,000 threshold before pulling back slightly. After hitting a 24-hour high of $110,117, Bitcoin now trades at $109,386, reflecting a 1.8% increase in the past day.

This recent push places the asset about $2,000 surge away from its all-time high of $111,814, recorded in May 2025, prompting renewed attention from traders and analysts. While price movements often attract headlines, on-chain data has started signaling deeper market activity.

According to CryptoQuant analyst Amr Taha, a substantial volume of BTC has recently been moved off Binance, one of the world’s largest crypto exchanges. The shift aligns with anticipation around a series of US macroeconomic indicators, which historically tend to influence risk-on assets like Bitcoin.

Taha highlighted that Binance recorded a net outflow of over 3,400 BTC in a single day. This occurred shortly after Bitcoin’s price breached the $109,000 mark.

Large-scale withdrawals from exchanges such as Binance are often interpreted as a sign that holders may be preparing to hold their assets longer-term, or shielding their positions from potential short-term volatility.

Simultaneously, Binance’s share of the global Bitcoin spot volume surged significantly, from 41% to 56% in just one session. Taha noted that this spike indicates increased reliance on Binance’s liquidity by traders seeking exposure to Bitcoin ahead of anticipated market-moving economic data.

The outflow trend, paired with rising spot volume, suggests that traders are actively responding to broader market signals, especially from traditional finance.

The current surge in Bitcoin activity coincides with heightened market focus on US labor market data, including the Non-Farm Employment Change, Unemployment Rate, and Average Hourly Earnings figures.

These indicators are closely watched by investors as they influence inflation expectations and the Federal Reserve’s approach to interest rate adjustments. Shifts in rate expectations often have direct consequences for risk assets like Bitcoin, as changes in the cost of capital affect liquidity and investor appetite.

Taha suggests that the recent Binance outflows may reflect investor positioning ahead of potential macro-driven market volatility. “Bitcoin outflows from Binance alongside the sharp rise in spot trading activity… appear to show that investors are positioning for potential upside volatility,” he wrote.

A favorable labor report could amplify bullish sentiment across both equity and crypto markets if it strengthens expectations of a rate cut or an extended pause in rate hikes.

Featured image created with DALL-E, Chart from TradingView