Bitcoin Demand Improves Despite $2 Billion in Binance Stablecoin Withdrawals

Highlights:

• Bitcoin held near $80,000 despite Binance seeing about $2 billion in net stablecoin outflows during October.
• Bitcoin’s realized capitalization climbed $31 billion as its price recovered from around $69,000 to $80,000.
• Analysts are watching whether stablecoin deposits return to exchanges and whether Bitcoin’s recovery gains stronger support.

Bitcoin (BTC) held near $80,000 in October even as about $2 billion in stablecoins left Binance on a net basis, according to CryptoQuant analyst Darkfost. At the same time, another on-chain measure suggested improving Bitcoin demand. The two readings offer a mixed picture as traders look for signs of a stronger recovery.

🗞️ Bitcoin holds $80K in October despite $2B in Stablecoin outflows from Binance

Although Bitcoin managed to hold above the $80 000 level in October, stablecoin flows on Binance point to continued pressure on liquidity.

So far this month, the platform has recorded… pic.twitter.com/5pmdbVX4r5

— Darkfost (@Darkfost_Coc) October 28, 2026

In an October 28 post on X, Darkfost said Binance had recorded its largest monthly net stablecoin outflows since July. CryptoQuant also shared new research that day showing a rise in Bitcoin’s realized capitalization, a measure of the value stored in the network.

Binance Stablecoin Reserves Fall Nearly 5% in October

Darkfost reported that Binance’s stablecoin reserves fell from $43.2 billion to $41.1 billion during October. That represents a decline of about $2.1 billion, or nearly 5%. A decline in stablecoin reserves can therefore reduce funds readily available for trading. However, it does not automatically mean investors are pulling money out of the wider crypto market.

Darkfost said withdrawals could involve transfers to other exchanges, moves into private wallets or changes in Binance’s reserves. The figures do not show exactly how customers used those funds. Despite the drop, Binance still holds more than 72% of the stablecoin reserves across exchanges tracked in the analysis. Its share shows how much of the industry’s trading liquidity remains concentrated on one platform.

The analyst said November flows would help determine whether withdrawals continue. Fresh deposits could improve available liquidity, whereas further outflows could make a sustained recovery harder.

Bitcoin Realized Cap Rises by $31 Billion

Another October 28 CryptoQuant post pointed to an encouraging development in Bitcoin’s broader market. Citing analysis by Crypto Mommy, the firm said Bitcoin’s realized capitalization had increased from $1.057 trillion to $1.088 trillion. That is a gain of roughly $31 billion, or 2.9%. Over the same period, Bitcoin’s price rose from about $69,000 to $80,000, an increase of around 16%.

Realized capitalization values each Bitcoin at the price when it last moved on the blockchain. It helps estimate the total cost basis of coins held across the network, rather than simply multiplying the latest price by circulating supply. The increase suggests that capital is returning to Bitcoin, though the price has risen much faster than realized capitalization. According to the analysis, the gap may reflect existing holders choosing not to sell, or it may reflect strong new buying.

The analyst compared the pattern with 2023, when in the face of the downturn in 2022, realized capitalization started to increase. But it also picked up at near Bitcoin’s 2025 highs. Just a higher reading doesn’t always mean a new bull market.

As of writing, BTC was trading at about $81,423, up 2.39% over the past 24 hours, according to CoinMarketCap.