Something interesting is happening on Binance.

For years, Binance averaged ~12,000 BTC per month in inflows. Now that number is down to ~5,800 BTC/month, nearly cut in half.

We haven’t seen inflow levels this low since 2020. (And remember: Binance is roughly 4x larger today than it was back then.)

That’s a big shift. And it doesn’t stop there…

Since October 10, Binance has recorded roughly $63 billion in outflows. Out of that, $10 billion left in just the last 7 days alone.

This isn’t retail panic. Retail sells on exchanges. This is large capital moving coins off exchanges, usually a sign of holding, not trading.

At the same time, CZ posted four times this week telling people to buy and hold.

Does CZ see a supply squeeze coming? Or is he trying to restore confidence and slow down the outflows from Binance? Hard to say for sure.