No, Binance Did Not See 190,000 Bitcoin Outflows: Crypto Analyst Debunks FUD
By Benzinga
Bitcoin (CRYPTO: BTC) withdrawals from leading cryptocurrency exchange Binance are experiencing difficulties amid severe network congestion.
What Happened: The issue has to do with the significant number of pending transactions and record-high fees, prompting Binance to temporarily halt Bitcoin withdrawals.
In the last two days, Binance has reportedly recorded a total outflow of 190,000 Bitcoins valued at almost $5.5 billion, as per CryptoQuant data.
However, CryptoQuant’s head of research Julio Moreno indicates that despite the reported large Bitcoin outflows from Binance, the actual outflows are most likely just 10,100 Bitcoin.
Moreno clarified, “In reality, these are bitcoin sent to newly created change addresses that belong to Binance.”
See More: Is Bitcoin a Good Investment?
Why It Matters: Binance CEO Changpeng Zhao, popularly known as “CZ,” also said “there are some FUD about BTC withdrawal issues.”
DefiLlama data shows that Binance has Bitcoin worth $16.99 billion in the exchange, while the total value locked is $65.61 billion.
Price Action: At the time of writing, BTC was trading at $28,212, down 2.16% in the last 24 hours, according to Benzinga Pro.
