Miners sent 19,866 BTC to Binance, then the exchange posted its largest daily outflow since 2023
CryptoQuant data put miners' September 21 inflow to Binance at 19,866 BTC; by September 24 Binance had seen its largest daily net outflow since 2023, more than 13,800 BTC.
Why it matters
Binance holds roughly 30% of the bitcoin on centralized exchanges accessible to investors, so a 13,800 BTC single-day withdrawal and $2.52 billion leaving four major exchanges over three days is a large change in how much of that supply sits on trading venues. Netflow data does not show whether the coins were sold or moved to custody, and the miners' September 21 deposit does not by itself account for the outflows that followed.
Where the sources disagree
What is known about the owner of the dormant wallet
$187.38 million
U.Today
$381.38 million
Crypto News (CryptoNews.net)
U.Today describes an owner who sat out a four-year downturn and moved only at $84,070, while Crypto News says Lookonchain did not identify the owner or the purpose of the transfer.
Spelling of the CryptoQuant analyst who commented on the outflows
Darkfrost
Crypto.News
Darkforth
Crypto News (CryptoNews.net)
Darkfost
Crypto News (CryptoNews.net)
The same analyst appears under three different spellings across the coverage.
Key facts
CryptoQuant data cited by U.Today put transfers from miners' accounts into Binance at 19,866 BTC on September 21, the largest since August 25.
19,866 BTCReported by U.Today
More than 25,000 BTC had moved to exchanges on August 25, the previous high before the September 21 inflow.
25,000 BTCReported by U.Today
Binance recorded more than 13,800 BTC in net withdrawals in a single day, its largest daily net outflow since 2023.
13,800 BTCReported by Crypto.News
Binance's bitcoin reserves fell from roughly 705,000 BTC to 685,000 BTC over four days, about 20,000 BTC withdrawn from the exchange.
20,000 BTCReported by Crypto.News
Binance's seven-day average daily netflow fell to roughly negative 2,000 BTC.
2,000 BTCReported by Crypto.News
What happened
On September 21 mining pools sent 19,866 BTC into Binance, the largest such inflow since August 25, according to CryptoQuant data cited by U.Today, which reported the move while bitcoin traded near $85,400. In the days that followed Binance recorded more than 13,800 BTC of net withdrawals in a single day, its largest since 2023, and its reserves fell from roughly 705,000 BTC to 685,000 BTC over four days; Crypto.News and Crypto News both report those figures, spelling the analyst's name Darkfrost, Darkforth and Darkfost across the three pieces. CryptoQuant analyst Amr Taha put combined net outflows from Binance, Coinbase, Kraken and Bitfinex at $2.52 billion for September 22 to 24, with $1.574 billion of that on September 22, and Crypto News carried the same day-by-day figures the following day. Over those same three days US spot bitcoin ETFs recorded $1.25 billion of inflows per SoSoValue, cited by Crypto News, with fund net assets at $108.92 billion. Lookonchain reported separately that a wallet dormant for more than four years transferred 4,500 BTC, about $381.38 million, to a new address, which U.Today tied to Arkham Intelligence data. None of the sources show why the coins moved, and Crypto.News said netflow data cannot show whether holders sold, moved to custody or shifted elsewhere.
How the story developed
- First report
First report by U.Today
Bitcoin Miners Are Selling Again: 20,000 BTC Floods to Binance in Biggest Spike Since August
- Update
Miners' 19,866 BTC inflow to Binance recorded
CryptoQuant data cited by U.Today put the September 21 transfer from miners' accounts to Binance at 19,866 BTC, the largest since August 25.
- Independent corroboration
Independently corroborated by Crypto.News
Bitcoin leaves Binance at fastest daily pace in three years
- Update
Binance posts its largest single-day net outflow since 2023
More than 13,800 BTC left Binance in net withdrawals, reserves fell from about 705,000 BTC to 685,000 BTC over four days, and the seven-day average netflow sat near negative 2,000 BTC.
- Update
Four-year dormant wallet moves 4,500 BTC
Lookonchain reported the transfer, worth about $381.38 million, to a newly created address; U.Today cited Arkham Intelligence data for the emptied transit wallet.
- Update
Three-day exchange outflow total put at $2.52 billion
CryptoQuant analyst Amr Taha's figures covered Binance, Coinbase, Kraken and Bitfinex for September 22 to 24, 2026, with $1.574 billion leaving on September 22 alone.
- Update
ETF inflows reported alongside the exchange outflows
SoSoValue data cited by Crypto News showed $714.7 million, $346.9 million and $190.6 million of US spot bitcoin ETF inflows on September 22, 23 and 24, with fund net assets at $108.92 billion.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 24 Sept 2026, 13:16 UTC: U.Today — 1 independent source, 1 reports
- 25 Sept 2026, 06:54 UTC: Crypto.News — 2 independent sources, 2 reports
- 25 Sept 2026, 08:38 UTC: U.Today — 3 independent sources, 3 reports
- 25 Sept 2026, 10:05 UTC: Crypto News (CryptoNews.net) — 4 independent sources, 4 reports
Affected entities
Also mentioned: OKX, Gemini, Ethereum, United States
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| U.Today Crypto media | Bitcoin Miners Are Selling Again: 20,000 BTC Floods to Binance in Biggest Spike Since August | Original | |
| Crypto.News Crypto media | Bitcoin leaves Binance at fastest daily pace in three years | Independent | |
| U.Today Crypto media | Bitcoin Whale Breaks Silence After 4 Years: $381 Million at Stake | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | An Unprecedented Event Occurred for Bitcoin on Binance Since 2023! | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Bitcoin Whale, Inactive for Over Four Years, Makes $381 Million Transfer! Here Are the Details | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Bitcoin Records $2.52B Exchange Outflows in Three Days, Led by Binance | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Bitcoin is exiting exchanges, but why are ETFs still buying? | Syndicated |
Related events
US government wallets moved $1.01B in seized Bitfinex Bitcoin to unlabeled addresses
US-linked wallets moved 12,267 BTC from the Bitfinex hack seizure to new unlabeled addresses, following earlier $470M-plus transfers to Coinbase Prime.
US Government Transfers Over $1 Billion in Seized Bitcoin to Coinbase Prime Across Three Days
US government-linked wallets moved roughly $103 million in Bitcoin and BNB on October 7, followed by $770 million in Bitcoin on October 7-8, and over $1 billion in Bitcoin on October 8, all to Coinbase Prime, with no official confirmation of sales.
U.S. government-linked wallets move 833.6 BTC and 40,285 BNB to Coinbase Prime
Wallets linked to the U.S. government moved 833.599 BTC worth about $71.6 million plus 40,285 BNB worth $31.63 million on Tuesday, with no sale confirmed.
Nine-day $3.08 billion US spot Bitcoin ETF inflow streak ends with $148.7 million outflow
US spot Bitcoin ETFs posted a $148.7 million net outflow on Wednesday, ending a nine-day streak worth $3.08 billion, the year's largest in dollar terms by SoSoValue data.