Some serious withdrawals are occurring on the world’s biggest crypto exchange by volume.
Despite warnings that a macro bottom may not yet have occurred, Bitcoin investors have wasted no time snapping up BTC above $20,000.
The past two days’ gains delivered a sea change to exchange user behavior, with BTC balances dropping across the board.
As the largest exchange by volume, Binance was of particular interest and saw a net position change of over 55,000 BTC on Oct. 26 — the most ever.
The outflows beat all other buying sprees, including the $17,600 dip in June this year and the March 2020 crash.
CryptoQuant contributor Binh Dang further noted that derivatives platform outflows were setting multi-month records.
“In 1 year from now, yesterday was the day with the biggest number of coins moved out of the derivatives exchange: 71,579 Bitcoin,” he wrote in one of the firm’s Quicktake posts, noting that internal moves could have made up some of the total.
Dang added that such derivatives outflows had once accompanied decreased sell-side pressure on Bitcoin more broadly.
“While there is still a lack of on-chain confirmation of Bitcoin bottoming, looking back at the history of late 2018, we will see the difference,” he concluded.
Turning to exchanges’ stock of BTC, from Oct. 25 through Oct. 26, the major platforms tracked by CryptoQuant saw around 42,500 BTC in net outflows.
Unlike with Binance, cross-platform position change did not set a global record, with June remaining higher.
Summing up, fellow CryptoQuant contributor IT Tech warned that the good times may not last long. The United States Federal Reserve meeting on interest rates could deliver an unwelcome pivot.
“For me it could mean that is some kind of fake pump before FOMC meetings 2.11.2022,” he wrote in a further Quicktake.
From: Cointelegraph