The crypto market has deteriorated significantly in recent days. According to CryptoOnchain analysts, Binance saw a record withdrawal on September 22, 2025. Bitcoin (BTC) alone saw $1.725 billion leave the exchange, coinciding with a price drop from $115,000 to $112,000. Ethereum (ETH) also came under pressure, with an outflow of $1.23 billion.
Massive Capital Outflows from Binance and Warning Signs for Bitcoin
Among other assets, XRP (-$518.12 million) and DAI (-$1.72 billion) suffered the most.
Against this backdrop, investors began flocking to safe havens en masse. The USDT market on the ERC20 network saw $537.84 million inflows, while the TRC20 network saw $224.89 million. However, other stablecoins—USDP and USDC—showed large outflows: $435.75 million and $264.23 million, respectively. Experts believe this trend indicates growing caution. Some players are taking profits and retreating to stablecoins, while others are preparing for possible buying at lower levels.
What’s happening with funds and rates
The dynamics of Bitcoin funding rates remains an equally important indicator. Trader nino noted that the 72-hour moving averages (Simple, Exponential, and Weighted) have not yet fallen below zero, although the raw indicators are already declining. This means the market has not yet passed the final stage of its decline, and the current weakness could harbinger a new downward momentum.
The problem is that the balance of power between bulls and bears is shifting too quickly. Since we’re talking about three-day moving averages, the situation can change in just a day. If the lines cross zero, this will be a key signal: either the correction is ending or selling pressure will only intensify.
Fear or preparation for a reversal?
Analysts emphasize that the combination of massive outflows from exchanges and falling funding rates reflects growing nervousness among market participants. The market is either preparing for a new wave of buying after the “final push down,” or it could face short-term capitulation in the near future.
In other words, a critical moment is approaching: either investors will use the decline to reset the cycle, or Bitcoin will face another tough test of its strength.
Crypto Market Slowly Recovers After Panic
The cryptocurrency market is showing signs of stabilization after weeks of turbulence. Recent on-chain data indicates that the sharp volatility seen in early September has begun to ease.
Large-scale sell-offs dominated the first half of the month, shaking investor confidence and driving liquidity away from risky assets. However, by the end of September, selling pressure had clearly weakened.
