Some serious crypto withdrawals are taking place on the world’s largest crypto exchange by volume. Meanwhile, Bitcoin (BTC) saw record buying activity as it returned to six-week highs.
Cryptocurrency exchange Binance is 55,000 BTC lighter!
cryptocoin.comAs you follow, despite warnings that a macro bottom may not have occurred yet, Bitcoin investors wasted no time pushing BTC above $20,000. The gains of the last two days have brought a big shift in user behavior, with BTC balances falling overall.
Binance, the largest exchange by volume, was particularly interesting. The cryptocurrency exchange saw a net position change of over 55,000 BTC on October 26. This is the biggest change ever. Exits have outstripped all other buying sprees this year, including the June $17,600 drop and the March 2020 crash.
Binh Dang, a contributor to CryptoQuant, also noted that derivatives platform exits broke multi-month records. “One year from now, yesterday was the day that most cryptocurrencies moved from the derivatives exchange: 71,579 Bitcoins,” the firm wrote in one of their Quicktake posts. He also noted that internal movements may account for some of the total. In this context, he made the following statement:
This figure contributes to bringing the exit of BTC from derivatives exchanges to 94,024 Bitcoins. This is the most significant figure since July. This amount has helped drastically reduce total reserves on derivatives exchanges since the price of Bitcoin fell in May.
Binh Dang added that such derivatives outflows once accompanied the easing of selling pressure on the coin. Based on this, he made the following assessment:
Still missing on-chain Bitcoin bottom confirmation. However, we will see the difference when we look at late 2018. In the strongest price drops in the two years leading up to 2020 and 2021, every appearance of a strong downtrend on derivative reserve showed a similar drop in selling pressure. What do you think this time?
“Earnings Didn’t Change Bitcoin Bear Market”
CryptoQuant looks at the BTC stocks of exchanges from October 25 to October 26, noting that there are approximately 42,500 BTC net outflows from the major platforms it monitors. Unlike Binance, the cross-platform position change did not set a global record. Because, June remained higher.
In summary, CryptoQuant contributor IT Tech warns that the good times may not last long. It’s possible that the Fed’s meeting on interest rates could take an unintended turn. IT Tech wrote in a Quicktake:
For me this means some kind of fake pump before the 2.11.2022 FOMC meetings. DXY is falling. This in turn helped the growth of the S&P500 and Bitcoin. Be careful! Because we are still in a bear market. A small pump didn’t change that.
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