Record number of Bitcoins were withdrawn from Binance: what’s going on

In the period from May 7 to May 8, 2023, a record volume of bitcoin (BTC) withdrawal was recorded on the largest crypto exchange Binance.

According to the resources, as part of the largest bitcoin withdrawal from Binance in history, about 180 thousand were withdrawn from the crypto exchange. BTC worth about $5 billion. Analytics suggested that such volumes of cryptocurrency withdrawal from Binance may indicate the exit of large investors from the market.

“Whales/insiders are leaving the ship?”, analysts asked this question.

Against the background of the largest bitcoin transfer in the history of Binance, the crypto exchange suspended access to cryptocurrency withdrawals several times. About an hour ago, a message appeared in the microblog of the trading platform that the withdrawal of BTC was resumed. To prevent the recurrence of a similar situation in the future, the Binance team decided to revise the fees for the withdrawal of cryptocurrencies.

Also, representatives of the crypto exchange reacted to reports about the largest BTC withdrawal in history. According to them, the activity that analysts took for “withdrawal” is actually the transfer of bitcoins from a hot to a cold wallet trading platform. The actions are aimed at improving the security of the cryptocurrency.

Supporters of the crypto exchange, in turn, repeated the fourth point from the “code” of its founder – Changpeng Zhao – to keep calm against the background of attempts by market participants to harm the project with FUD (psychological manipulation built on fear-mongering).