Bitcoin Surges to $110,117 as 3,400 BTC Withdrawn from Binance
Bitcoin has regained upward momentum, briefly surpassing $110,000. After reaching a 24-hour high of $110,117, it currently trades at $109,386, marking a 1.8% increase. This brings Bitcoin within $2,000 of its all-time high of $111,814 from May 2025.
Binance Sees 3,400 Bitcoin in Outflows as Spot Volume Surges
- Over 3,400 BTC were withdrawn from Binance, indicating potential long-term holding by investors.
- This outflow occurred shortly after Bitcoin's price exceeded $109,000.
- Binance's share of global Bitcoin spot volume increased from 41% to 56% in one session.
- Increased trading activity suggests traders are reacting to macroeconomic signals.
US Jobs Report Drives Market Positioning
- Bitcoin activity rises as focus intensifies on upcoming US labor market data.
- Key indicators include Non-Farm Employment Change, Unemployment Rate, and Average Hourly Earnings.
- These figures influence inflation expectations and the Federal Reserve’s interest rate strategy.
- Favorable labor reports may boost bullish sentiment across equity and crypto markets if they suggest rate cuts or pauses in hikes.
