BTC Holders Continue to Lose Confidence in Exchanges
According to analysis by Santiment, the supply of Bitcoin held on exchanges has dropped to 5.84%, which is the lowest level since December 2017.
The collapse of FTX can be considered as a major cause as many people have lost faith in exchanges when FTX was one of the top exchanges in the market at that time.
Binance, the world’s largest cryptocurrency exchange also witnessed a a wave of massive customer withdrawals last December after a series of proof-of-reserve fuds.
Binance’s Recent Bitcoin Withdrawals
Earlier this week, over 160000 BTC (worth $4.6 billion) was withdrawn from one of Binance’s wallets, making it the largest Bitcoin withdrawal in history.
However, analyst Colin Wu shed more light on the move, stating that “Binance’s cold wallet was internally adjusted to a new address and the new address was not transferred after receiving the funds.”
It is worth noting that Binance halted BTC withdrawals a day earlier due to network congestion. However, it soon returned to normal.
Bitcoin suddenly plummeted to $ 27000 after rumors that the US billionaire sold Bitcoin, nearly $ 100 million was liquidated
However, Binance halted transactions again on May 8 “due to the high volume of pending transactions”. CZ immediately reassured the user and talk that the problem is not serious.
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