Home » A record 55,000 Bitcoin, or over $1.1 billion, was just withdrawn from Binance

A record 55,000 Bitcoin, or over $1.1 billion, was just withdrawn from Binance

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Bitcoin (Bitcoin) shows record buying activity as BTC/USD returns to six-week highs.

Latest data from on-chain analytics company CryptoQuant shows that more BTC than ever before is leaving major exchange Binance in a single day.

Binance Ends the Day Lightly with 55,000 BTC

Bitcoin investors quickly pushed BTC above $20,000, despite warnings that a macro bottom may not have occurred yet.

of Earnings last 2 days It brought about a big change in the behavior of exchange users, such as a decrease in BTC balance across the board.

Binance, the largest exchange in terms of trading volume, received particular attention, with a net position movement of over 55,000 BTC on October 26th.

The outflow surpassed all other buying, including the $17,600 drop in June this year and the crash in March 2020.

Bitcoin exchange netflow (Binance) chart. Source: CryptoQuant

CryptoQuant contributor Binh Dang further pointed out that the leak of the derivatives platform is setting a multi-month record.

“One year from now, yesterday was the day the most coins moved from a derivatives exchange: 71,579 bitcoins.” quick take Note that internal moves may form part of the total.

“This figure contributes to the outflow of BTC from derivatives exchanges to 94,024 bitcoins, the most significant number since July. It has helped significantly reduce the total reserves of derivatives exchanges after a sharp rise since the fall.”

Dunn added that such derivative outflows were once accompanied more broadly by a decline in sell-side pressure on Bitcoin.

“On-chain confirmation that Bitcoin has bottomed is still lacking, but a look back at history in late 2018 will tell the difference,” he concluded.

“The strongest price declines two years ago, in 2020 and 2021, showed a similar reduction in selling pressure whenever a strong downtrend appeared in derivatives reserves.

Bitcoin derivatives exchange netflow chart. Source: CryptoQuant

Earnings ‘unchanged’ in Bitcoin bear market

Looking at the exchange’s BTC inventory, from October 25th to October 26th, the major platforms tracked by CryptoQuant saw a net outflow of around 42,500 BTC.

Related: Why Is The Crypto Market Rising Today?

Unlike Binance, cross-platform position changes did not set a world record and remained high in June.

Bitcoin exchange netflow chart. Source: CryptoQuant

In summary, fellow CryptoQuant contributor IT Tech warned that the good times may not last long. I have.

“For me, this could mean some kind of fake pump before the Feb. 11, 2022 FOMC meeting,” he said. I have written Another quick take.

“DXY fell, helping the S&P 500 and Bitcoin grow. Be careful as we are still in a bear market and not one small pump has changed this.”

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