Bitcoin Exits OKEx Exchange in Droves as Withdrawal Service Reopens

Spread the love

After weeks of uncertainty for OKEx users about the fate of their locked-up funds, the leading Asian crypto exchange finally reopened withdrawal services at 8:00 am UTC on Nov 26. Less than 15 minutes after services resumed, crypto traders moved 2,822 Bitcoin (BTC) off the exchange, according to on-chain data provider CryptoQuant.

Large single-block outflow recorded

CryptoQuant reported that this BTC exodus was the largest single-block outflow to be witnessed in recent times since May 2019. The on-chain data provider tweeted:

“The first OKEx outflow after the withdrawal opening hit 2,822 BTC by the block time frame. It’s the year-high in the block time frame.”

The much-anticipated reopening announcement was revealed on Nov 19. It was noted that users could get “unrestricted withdrawal.” The crypto exchange also stated it would launch a loyalty reward campaign to show gratitude to its community members for the inconveniences caused by the withdrawal suspension.

Withdrawal restriction stirred mild selling panic

After OKEx brought to the public eye the suspension of all cryptocurrency withdrawals in mid-October, a mild selling panic was triggered in the crypto markets. For instance, Bitcoin and OKB prices plunged by 3% and 15%, respectively.

RECOMMENDED READ:  Minespider, Google, LuNa Smelter Launch Blockchain-Based Tin Traceability Solution

This decision was reached following one of its private key holders cooperation with a public security firm in regard to an ongoing “investigation.”

Ki Young Ju, the CryptoQuant CEO, also delved into the huge Bitcoin outflow issue and stated:

“Some whales are trying to leave OKEx, they might change their BTC to another coin for various reasons like faster transactions (change it to XRP for example).”

He added that 83% of the total sum was transferred to non-exchange wallets like custody, signaling a bullish gesture in the long-term. Serving many Chinese retail investors as one of the three largest Chinese crypto exchanges along with Huobi and Binance, OKEx has maintained its innocence in any wrongdoing.

Image source: Shutterstock

 516 Interactions,  2 today

READ ALSO:
Stellar Lumens, Aave, Cosmos Price Movement Analysis for 11th April, 2021

Stellar Lumens moved within a bull flag pattern, but the pattern may be reversed if $0.58 -help is not sustained. Read more

Algorand, Bitcoin Cash, FTX Token Price Movement Analysis for 11th April, 2021

Algorand wasn't yet able to ascend above its horizontal channel. If the bulls can prevent a collapse in the coming Read more

Cardano, Bitcoin SV, Compound Price Movement Analysis for 11th April, 2021

Cardano observed a pattern of declining exchange rate, indicating that the market was likely in a delivery process. However, in Read more

Why retail Bitcoin traders should foresee a price increase

Big Bitcoin wallet inflows indicate a bullish pattern turnaround in the coming week. The price is currently about $60000; but, Read more

Where are ADA, ETH,  DOT, and UNI price movements heading?

Based on price action in March and the first ten days of April, a pattern has appeared on the price Read more

Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

Crypto.com Coin, Hedera Hashgraph,Monero Price Movement Analysis for 11th April, 2021

Crypto.com Coin was under selling pressure at $0.23, but it still had help in the $0.19-$0.2 range. Hedera Hashgraph would Read more

Litecoin Price Movement Analysis for 11th April, 2021

Since the beginning of the year, the price of Litecoin has increased significantly. LTC was returning 93 percent year to Read more

Ripple’s CTO comments on XRP’s greatest achievement.

Bill Gates made a remark a few years ago claiming that digital currencies are the future of banking. With technologies Read more

Chainlink, BitTorrent, Elrond Price Movement Analysis for 11th April, 2021

Chainlink traded in a narrow range of $33.1-$31.2, with low volumes working towards a bullish short-term result. BitTorrent Token was Read more

Leave a Reply

Contact Us