After withdrawals resume: massive amounts of bitcoin flow out of OKEx
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Answer After withdrawals resume: massive amounts of bitcoin flow out of OKEx
As soon as the OKEx cryptocurrency exchange opened withdrawals again, Bitcoin started flowing out from the platform towards different destinations.
After being suspended for five weeks, OKEx announced the reopening of withdrawals yesterday.
Let the Bitcoin holders without waiting begin to take out their cryptocurrencies despite the incentives and rewards announced by the platform, which was aware that this situation would happen and the traders would get their coins out.
About 2,822 bitcoins have been transferred from the OKEx platform which is the largest outflow from a single block since May 2019, according to blockchain analytics firm CryptoQuant.
Of the 2,822 bitcoins withdrawn, 456 were transferred to the crypto exchange Binance and more than 400 were transferred to other exchanges.
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At the same time, 54 accounts or addresses were directly reserved for some withdrawn cryptocurrencies.
As a reminder, OKEx suspended withdrawals indefinitely on October 16 after one of the exchange’s key holders broke away and was unable to sign transactions for detention or to assist police in their investigation.
Some analysts have linked the surge in the price of bitcoin to a 35-month high above $19,000 due to a shortage of bitcoin that is partly due to OKEx’s suspension of cryptocurrency withdrawals.
This is because the price hike started after the October 16 OKEx decision.
However, others do not see the suspension of withdrawals on the OKEx platform as a strong reason to link it to the recent price hike.
Ryan Watkins, crypto analyst at Mysari, said: to source:
The perfect timing for the suspension of withdrawals from the OKEx platform and the price hike could just be a coincidence.
Bitcoin dropped nearly $3,000 on Thursday, shortly before OKEx is due to resume withdrawals.
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It is also not clear whether the two events are related or not.
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