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 Ma...

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 Ma...