Some serious setbacks are coming to the world’s largest crypto exchange by volume.
Bitcoin
BTC
dial down
$21,186
saw record buying activity as BTC/USD returned to six-week highs.
The most recent data from on-chain analytics company CryptoQuant shows that more BTC is leaving the major exchange Binance in a single day than ever before.
Binance makes the day 55,000 BTC lighter
Despite warnings that a macro bottom has not yet occurred, Bitcoin investors wasted no time picking up BTC above $20,000.
The gains of the past two days have provided a sea change in behavior for exchange users, with BTC balances everywhere.
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 outpaced all other buy calls, including the $17,600 drop in June this year and the March 2020 drop.
The Bitcoin Exchange Netflow (Binance) history chart is updated once a day. Source: CryptoQuant
CryptoQuant contributor Binh Dang further noted that outflows from the derivatives platform set multi-month records.
“1 year from now, yesterday was the day with the most coins moved from the derivatives exchange: 71,579 Bitcoin,” he wrote in one of the company’s flash posts, noting that internal movements may account for part of the total. . .
“This number helps bring the outflow of BTC from derivatives exchanges to 94,024 bitcoins. This is the most significant number since July. This amount helped to dramatically reduce total reserves on derivatives exchanges after the price of bitcoin will fall in May.
Dang added that such derivative outflows once accompanied a reduction in selling pressure on bitcoin in general.
“While an on-chain confirmation of the bitcoin bottom is still missing, looking back at the story to the end of 2018, we will see the difference,” he concluded.
“In the strongest price declines in the two years prior to 2020 and 2021, each occurrence of a strong downward trend in derivatives booking showed a similar decline in selling pressure. How about this time?”
The graph of changes in the exchange of Bitcoin derivatives in the table for each year. Source: CryptoQuant
Profits ‘Haven’t Changed’ Bitcoin’s Bear Market
As for the trading of BTC shares, from October 25 to 26, the major platforms tracked by CryptoQuant saw a net outflow of approximately 42,500 BTC.
Related: Why the Crypto Market Is Up Today
Unlike Binance, cross-platform position change did not set a world record, and June remained higher.
The chart of changes in Bitcoin Instant. Source: CryptoQuant
In short, fellow CryptoQuant employees warned IT Tech that the good times may not last long. The US Federal Reserve meeting on interest rates could provide an unwelcome twist.
“To me, it could mean there is some kind of fake bomb ahead of the FOMC meetings on Nov 2, 2022,” he wrote in another quick shot.
“DXY is going down and has helped the S&P500 and Bitcoin grow. Be careful because we are still in a bear market and a small pump has not changed this.
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