Bitcoin exodus from Binance: 20K BTC withdrawn in just seven days

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.