Bitcoin exodus from Binance: 20K BTC withdrawn in just seven days

quick take

  • Binance suspended withdrawals last week due to a spike in miner fees and is now considering options such as Bitcoin’s Lightning Network.
  • A massive outflow from Binance was reported on Twitter, which was confirmed as an internal wallet movement.
  • However, using Glassnode’s data, we can see that 20,000 bitcoins left Binance in the last 7 days.
  • It was the fourth largest withdrawal period in the last two years, only overshadowed by the fall of FTX and China’s mining ban in the summer of 2021.
  • Both are local price bottoms.
Binance Exchange Balance: (Source: Glassnode)

Bitcoin outflow from Binance: A post about 20K BTC withdrawn in just 7 days first appeared on CryptoSlate.

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