Bitcoin exodus from Binance: 20K BTC withdrawn in just seven days

Quick Take

  • Binance halted withdrawals last week due to the surge in miner fees and is now looking at options such as the Bitcoin lightning network.
  • There were reports on Twitter with significant outflows from Binance, but this was confirmed as internal wallet movements.
  • However, with data from Glassnode, we can now see that 20,000 Bitcoin have left Binance in the past seven days.
  • This is the fourth biggest withdrawal period in the past two years, only eclipsed by the FTX collapse and the China mining ban in the summer of 2021.
  • Both times were at local price bottoms.
Binance Exchange Balance: (Source: Glassnode)
Binance Exchange Balance: (Source: Glassnode)

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