Bitcoin exodus from Binance: 20K BTC withdrawn in just seven days

On May 9, 2023

Quick Take

Binance halted withdrawals last week due to the surge in miner fees and is now looking at options such as the Bitcoin lightning network.
There were reports on Twitter with significant outflows from Binance, but this was confirmed as internal wallet movements.
However, with data from Glassnode, we can now see that 20,000 Bitcoin have left Binance in the past seven days.
This is the fourth biggest withdrawal period in the past two years, only eclipsed by the FTX collapse and the China mining ban in the summer of 2021.
Both times were at local price bottoms.