Binancians Took out $1.35B in Bitcoin in just 6 days

  • Binance has seen a net of 81,712 bitcoin ($1.35 billion) removed from the exchange.
  • On Twitter, Changpeng Zhao, the CEO of Binance, pleaded for calm.
  • The fall of FTX served as the incentive for quick departures.

The collapse of competitor exchange FTX coincided with record numbers of withdrawals of Bitcoin, Ethereum, and stablecoins from Binance, the largest cryptocurrency exchange in the world.

Over the last six days, Binance has seen a net 81,712 bitcoin ($1.35 billion) removed from the exchange. According to figures from CryptoQuant, this represents more than 15% of the approximately 500,000 bitcoin available on its platform. In addition, within the same time period, Binance had a net withdrawal of 125,026 ether worth $155 million and $1.14 billion in stablecoins.

On Monday morning, Binance CEO Changpeng Zhao made a calm-down plea on Twitter. He claimed that when cryptocurrency values fall, a “slight” increase in the rate of withdrawals is typical.

The withdrawals are a problem for the whole sector. According to Coinglass, during the last seven days, about 200,000 bitcoin have been removed from exchanges. Increasing the total amount of bitcoin still held on exchanges to 1.88 million. Similar percentage drops to Binance are being seen by cryptocurrency brokers like Coinbase (COIN), Gemini, and Kraken.

The fall of FTX, which was one of the biggest exchanges before it filed for bankruptcy last week, served as the incentive for the quick departures. 

Following a report that revealed weaknesses in the balance sheet of FTX’s sibling firm, Alameda Research, speculation concerning the company’s financials increased. Customers rushed to immediately withdraw money from FTX, which caused a shortage of liquidity.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer