Bitcoin Exchange Outflows Rise as Europe Leads Trading Volume Surge

Bitcoin (BTC) is seeing a renewed drawdown in exchange-held supply as net outflows accelerated over the past 24 hours, a shift that often signals tightening spot liquidity and increased preference for self-custody. At the same time, Binance’s BTC/USDT market recorded a sharp surge in European-session activity, hinting that near-term price discovery and 'liquidity inflow' are increasingly being driven outside Asia.

According to CoinGlass data timestamped at 9:09 a.m. KST on April 10 (8:09 p.m. ET on April 9), major exchanges collectively held approximately 2,454,548 BTC. Over the past day, the market registered net outflows of about 3,820 BTC, extending a short-term downtrend in exchange balances. On a seven-day basis, net outflows totaled 4,423 BTC.

The medium-term picture, however, remains more mixed. CoinGlass data shows net inflows of 21,603 BTC over the past month, suggesting that while traders have recently been pulling coins off venues, overall exchange inventories are still higher than they were several weeks ago—consistent with intermittent redepositing during volatility or tactical positioning around key market levels.

At the exchange level, Coinbase Pro held the largest reported BTC balance at 858,609 BTC. It posted net outflows of 899 BTC over the past 24 hours, despite weekly net inflows of 3,542 BTC. Binance, the second-largest in the dataset, held 632,767 BTC and recorded daily net inflows of 808 BTC, alongside weekly net inflows of 3,006 BTC. Bitfinex held 404,537 BTC and saw net outflows of 615 BTC on the day and 302 BTC over the week.

CoinGlass also highlighted the day’s largest net inflows as Binance (+808 BTC), Bybit (+82 BTC), and Bithumb (+78 BTC). The largest net outflows were attributed to Kraken (–1,675 BTC), Coinbase Pro (–900 BTC), and Bitfinex (–615 BTC). Short-term outflows are typically interpreted as a sign of reduced immediate sell-side availability on centralized venues, though the impact on price can depend on whether flows reflect long-term holders moving to cold storage or traders repositioning across exchanges and derivatives venues.

Regional trading activity underscored a notable shift in where liquidity is concentrating. CoinGlass data for Binance’s BTC/USDT pair showed trading volume of $189.67 million during the Asia session, $1.87 billion during the Europe session, and $634.06 million during the U.S. session. Compared with the prior day—$287.91 million (Asia), $723.19 million (Europe), and $312.83 million (U.S.)—Asia session volume fell about 34%, while Europe session volume surged roughly 159%. U.S. session turnover also rose approximately 103%.

The pattern suggests that while Asian participation cooled, both Europe and the U.S. saw materially heavier activity, with Europe taking the dominant share. For market participants, that tilt matters: when trading concentrates in a specific time window, intraday volatility, stop cascades, and breakout attempts tend to cluster around that region’s session, potentially reshaping short-term technical levels and the timing of liquidity sweeps.

Overall, the combination of expanding exchange net outflows and a pronounced European-session volume spike points to a market where circulating supply on exchanges is tightening in the immediate term, while the center of gravity for near-term trading has shifted toward Europe. Whether that translates into sustained directional momentum will likely depend on follow-through in spot demand and whether monthly net inflows resume dominance as traders redeploy inventory back onto venues.