Bitcoin eases to $77,900 as Binance customers pull $3.6 billion after withdrawals reopen

Bitcoin fell 0.4% to around $77,900 since midnight UTC as Binance customers pulled a net $3.64 billion after withdrawals reopened and ETFs lost $643 million.

The cryptocurrency market experienced moderate selling pressure during early morning trading as Bitcoin slipped slightly to $77,900. The modest 0.4% dip followed a chaotic 24-hour period for major exchange platforms. Binance successfully concluded scheduled system maintenance and wallet upgrades, but the reopening of asset withdrawals triggered an immediate surge in customer redemptions, resulting in a net outflow exceeding $3.64 billion within hours.

Compounding the sell-off was a wave of net redemptions from spot Bitcoin Exchange-Traded Funds (ETFs) in the United States, which recorded combined daily capital outflows of $643 million. Institutional investors appear to be taking profits following recent rallies, leading to reduced buy-side liquidity across spot order books. Despite the heavy volume of capital leaving centralized platforms, exchange engine operations remained stable throughout the spike.

Market analysts view the massive exchange withdrawals as a mixture of institutional self-custody moves and short-term risk aversion. While a $3.6 billion capital outflow initially spooked retail traders, the fact that Bitcoin held firm above the key $77,500 support level suggests that underlying demand remains resilient enough to absorb significant market reallocations.

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