OKEx Sees Biggest Bitcoin Outflow in 8 Months After Resuming Withdrawals

About 2,822 BTC was moved from OKEx within 15 minutes of withdrawals restarting.

AccessTimeIconNov 26, 2020 at 9:47 a.m. UTC
Updated Sep 14, 2021 at 10:35 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Update (11:10 UTC, Nov. 27, 2020): OKEx saw a total outflow of 24,631 bitcoin on Thursday, according to CryptoQuant, the largest amount since the March markets crash.

Cryptocurrency exchange OKEx recorded a major bitcoin outflow just minutes after it lifted a five-week-long withdrawal suspension at 08:00 UTC Thursday.

About 2,822 BTC was moved from OKEx in block number 658,728 mined at 08:12 UTC. That's the biggest single-block outflow since May 2019, according to blockchain analytics firm CryptoQuant.

OKEx bitcoin outflows by block
OKEx bitcoin outflows by block

Of the 2,822 coins withdrawn, 456 were transferred to cryptocurrency exchange Binance and more than 400 were moved to other exchanges. Meanwhile, 54 accounts or addresses took direct custody of some coins.

OKEx halted withdrawals indefinitely on Oct. 16 after one of the exchange’s key holders went "out of touch” with the exchange because they were held by authorities to "assist an investigation."

Some analysts have associated bitcoin's recent meteoric rise to 35-month highs above $19,000 with a supply shortage due in part to OKEx's suspension of crypto withdrawals. That's because the price rally began after OKEx's decision, dated Oct. 16.

However, many market observers do not see a strong reason to link the latest price rally with OKEx’s issues. "The 'perfect' timing of OKEx’s suspension and the price rally could be purely coincidental," Ryan Watkins, bitcoin analyst at Messari, told CoinDesk.

Bitcoin plunged nearly $3,000 on Thursday, shortly before OKEx was due to restart withdrawals. It's also not clear if the two events may be linked.

 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about