Bitcoin has continued its upward trend, recording a weekly price increase of 10.4% and currently trading at $103,881. The asset has surged over 24% in the last month, fueled by growing optimism across both crypto and traditional markets.
Although still about 4% below its January all-time high, the latest developments suggest that bullish momentum may be building again. This renewed price strength appears to be supported by significant capital movements, including a notable Bitcoin outflow from the Binance exchange.
Bitcoin Exchange Outflows Suggest Accumulation Phase
According to recent data shared on CryptoQuant’s QuickTake platform by analyst Amr Taha, over 3,000 BTC, valued at approximately $312 million, was withdrawn from Binance on May 12, marking one of the largest daily outflows in recent months.
This coincided with a key macroeconomic development: a new trade agreement between the United States and China, which also sparked a sharp rebound in US equity markets, with the S&P 500 jumping more than 3%.
Taha’s analysis indicates that this substantial Bitcoin withdrawal is part of a broader trend. Binance’s BTC reserves have declined consistently, falling from approximately 595,000 BTC in late February to 541,400 BTC by mid-May.
The ongoing reduction in exchange balances typically signals a preference among investors for cold storage solutions or private wallets. Historically, such moves are viewed as indicative of accumulation behavior, suggesting lower near-term selling pressure and a more bullish medium-term outlook.
The timing of the withdrawal, immediately following a geopolitical breakthrough between two of the world’s largest economies, adds further context. Taha highlights that capital markets responded positively to the easing of US-China tariff tensions, and the corresponding activity in the crypto space suggests Bitcoin investors are aligning their strategies accordingly.
With macro uncertainty temporarily subdued, large holders appear to be repositioning for potential future gains, removing liquidity from exchanges to mitigate exposure and reduce immediate sell-side pressure.
Macro Trends Influence Market Positioning
The analyst further noted that market participants seem to be increasingly responsive to macro signals. The scale of the BTC withdrawal on May 12, paired with rising equity markets, illustrates how capital is shifting across asset classes in response to broader economic developments.
Taha suggests this coordinated movement reflects renewed risk appetite and a possible recalibration of investor strategies in light of improving global trade dynamics.
While it remains to be seen whether this momentum can be sustained, recent patterns support the view that long-term holders and institutional participants are gaining confidence in Bitcoin’s role within a diversified investment strategy.
As traditional markets recover and geopolitical risks ease, Bitcoin’s reduced exchange reserves and growing off-exchange holdings may lay the groundwork for another test of its all-time high. The coming weeks will likely be crucial in determining whether current inflows translate into a full-scale breakout or a period of consolidation.
Featured image created with DALL-E, Chart from TradingView
