Cryptocurrency trade OKEx recorded a significant bitcoin outflow simply minutes after it lifted a five-week-long withdrawal suspension at 08:00 UTC
Cryptocurrency trade OKEx recorded a significant bitcoin outflow simply minutes after it lifted a five-week-long withdrawal suspension at 08:00 UTC Thursday.
About 2,822 bitcoins had been moved from OKEx in block quantity 658,728 mined at 08:12 UTC. That’s the largest single-block outflow since Might 2019, based on blockchain analytics agency CryptoQuant.
Of the two,822 cash withdrawn, 456 had been transferred to cryptocurrency trade Binance and greater than 400 had been moved to different exchanges. In the meantime, 54 accounts or addresses took direct custody of some cash.
OKEx halted withdrawals indefinitely on Oct. 16 after one of many trade’s key holders went “out of contact” with the trade as a result of they had been held by authorities to “help an investigation.”
Some analysts have related bitcoin’s latest meteoric rise to 35-month highs above $19,000 with a provide scarcity partially as a result of OKEx’s suspension of crypto withdrawals. That’s as a result of the value rally started after OKEX’s resolution dated Oct. 16.
Nonetheless, many market observers don’t see a robust purpose to hyperlink the newest worth rally with OKEx’s points. “The “excellent” timing of OKEx’s suspension and the value rally could possibly be purely coincidental,” Ryan Watkins, bitcoin analyst at Messari, advised CoinDesk.
Bitcoin plunged practically $3,000 on Thursday, quickly earlier than OKEx was as a result of restart withdrawals. It’s additionally not clear if the 2 occasions could also be linked.