41,700 BTC have left Binance since September 20. Over $3.3 billion walking off the world's biggest exchange, and last week was the strongest weekly outflow from the venue since June 2023.
Coins on an exchange can be sold with one click. Moving them into cold storage takes intent. It is the oldest bullish tell in crypto, and it is happening while the paper market is cooling: ETF weekly inflows fell 87.7% to $208.1M, and Glassnode's ETF MVRV just pushed above 1.5, past its historical high band. The average ETF buyer is sitting on big unrealized gains and getting tempted to take profit.
So the spot buyers are pulling coins offline while the ETF crowd hesitates near its cost basis highs. One side is positioning for distance. The other is doing arithmetic.
When has the off-exchange crowd been wrong about a floor before?
$BTC $ETH
Coins on an exchange can be sold with one click. Moving them into cold storage takes intent. It is the oldest bullish tell in crypto, and it is happening while the paper market is cooling: ETF weekly inflows fell 87.7% to $208.1M, and Glassnode's ETF MVRV just pushed above 1.5, past its historical high band. The average ETF buyer is sitting on big unrealized gains and getting tempted to take profit.
So the spot buyers are pulling coins offline while the ETF crowd hesitates near its cost basis highs. One side is positioning for distance. The other is doing arithmetic.
When has the off-exchange crowd been wrong about a floor before?
$BTC $ETH
