OKEx opened its withdrawals on 26 November, a day before the previously announced date. The exchange had offered compensation to the users who had suffered during the one-month long suspension of certain services, but that did not prevent some to jump ships.
As the exchange lifted the withdrawal suspension at 08:00 UTC, nearly 2,822 Bitcoins were moved. This movement took place at block 658,728 and was the single largest outflow from the wallets witnessed since March 2020.
Source: CryptoQuant
The outflow total was 24.631k.
However, the exchange might have expected this. Not to be disappointed by the outflows, as the exchange also noted strong inflows into the OKEx wallets. As per data, the total inflow was close to 21.072k.
Source: CryptoQuant
Although this number may differ from different analytics website. According to Chainsmap, OKEx witnessed an inflow of 70.41 BTC within an hour of reopening, whereas, the value of the outflow was 586.79 BTC.
However, the observation across these firms remained that three exchanges witnessed most active during this time namely, OKEx, Huobi, and Binance. While OKEx was seeing an expected reaction from users, Huobi also witnessed a heavy outflow of BTC. As per reports, between 2 November and 11 November, Huobi saw a total of 18,652 BTC flow out and the recipient exchange remained Binance.
As per data from Chain.info, Huobi BTC data on the chain has dropped by 137. Whereas, OKEx saw an inflow of 793 BTC. The largest recipient remained Binance with over 2000 BTC in just 24-hours.
OKEx, Huobi’s loss is Binance’s gain
The reason for Huobi to witness a strong outflow could be the lingering rumors of an ongoing investigation by the Chinese police. Although the exchange has denied any such event, users appeared to be cautious, after what went down with OKEx.
Amid the growing concerns, Binance has emerged as the safe abode the users have been flocking to.
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