Amid growing rumors about the leading crypto centralized exchange, investors are withdrawing vast amounts of Bitcoin (BTC) from Binance. The founder and CEO, Changpeng Zhao (CZ), called the rumors an attempt to create ‘fear, uncertainty, and doubt’ (FUD).
Notably, the Whale Alert account on X registered five withdrawals on August 23, in the same minute, summing to a total of 5,729 BTC ($150 million) for this case only.
Whale Alerts for Binance’s withdrawals. Source: @whale_alert on X
Although the above transactions were made separately, they were all included in the same Bitcoin block (block height 804522), which made them registered at the same time.
Bitcoin: Exchange Netflow (Total) – Binance. Source: CryptoQuant
The daily netflow results are:
August 17: (-1,754) BTCAugust 18: (-2,133) BTCAugust 19: (-2,007) BTCAugust 20: (-4,473) BTCAugust 21: (-948) BTCAugust 22: (-3,145) BTCNetflow is calculated per ‘total BTC inflow’ (deposits) minus ‘total BTC outflow’ (withdrawals) from known addresses by the centralized exchange (CEX). Data from August 23 are still incomplete, but slightly positive, besides the 5,729 BTC withdraws reported above.
Balances on all exchanges at a 5-year low
Not only Binance is suffering with massive withdrawals from Bitcoin investors, as Glassnode identified a 5-year low for BTC balances on exchanges on the same day of the mentioned whale alerts.
? #Bitcoin $BTC Balance on Exchanges just reached a 5-year low of 2,269,235.253 BTCPrevious 5-year low of 2,269,719.368 BTC was observed on 22 August 2023View metric:https://t.co/9vOOAmwh32 pic.twitter.com/jzkNkWUUYK
— glassnode alerts (@glassnodealerts) August 23, 2023There are currently less than 2.27 million BTC in CEXes’ known addresses, indicating that ‘HODLers’ are moving the leading cryptocurrency to private self-custody wallets. This kind of movement can also indicate that there are no intentions to sell these bitcoins in the short-term, or that there were recent purchases being moved to safety.
