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The post Top Reasons Why Binance is Seeing Massive Bitcoin Outflow appeared first on Coinpedia Fintech News
According to CryptoQuant, there was a total outflow of 200k cryptocurrencies over the course of the last two days, with Binance leading the pack with 190k worth $5.5 billion. There have been reports of substantial Bitcoin withdrawals from Binance, with transactions of 17k and 40k BTC to other wallets being reported on Sunday. However, it was found that Binance had transferred the BTC to a fresh exchange-owned wallet. Effective outflows are substantially lower than previously estimated, closer to 10k BTCs.
Binance has clarified that the reported large outflows from the exchange are actually internal movements between their hot and cold wallets, as part of BTC address adjustments, despite some data indicating significant outflows.
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