WhaleWire analysts confirm that from May 7 to 8, 2023, Binance, the largest cryptocurrency exchange, recorded a record volume of Bitcoin withdrawals in the entire history of the exchange. To be more precise, we are talking about 162 thousand bitcoins worth more than $4.6 billion.
According to Crypto Quant, we are talking about about 180 thousand bitcoins worth more than $5 billion. Analysts suggest that this indicates the withdrawal of large investors from the market.
Against this background, the Binance press service released a statement over the weekend, which says that the world’s largest cryptocurrency exchange has suspended all transactions related to the withdrawal of bitcoin, citing congestion in the BTC network.
Later it became known that the withdrawal of bitcoin was resumed. It also became known that the Binance team decided to revise the commissions for the withdrawal of cryptocurrency.
Binance said that the analysts’ conclusions were wrong, and Bitcoin’s movements were associated with the transfer from a hot to a cold wallet of the trading platform.