Binance Witnesses 5000 BTC Withdrawn in Just 60 Seconds

Kelvin Munene Murithi
August 24, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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Binance is witnessing a significant withdrawal of Bitcoin with the crypto world unstable. Amid whispers surrounding the platform, investors pulled over 5,000 BTC in just one minute, underlining the sheer magnitude of the issue. Significantly, Changpeng Zhao, Binance’s CEO, labels this incident as mere ‘fear, uncertainty, and doubt’ tactics.

However, besides the one-minute wonder, a six-day streak from August 17 showed Bitcoin outflows dominating the Binance exchange. Hence, by August 22, 14,460 BTC found their way out of Binance’s reserves.

Moreover, Binance is one of many platforms seeing such massive withdrawals. Glassnode’s recent insights highlighted a 5-year low for BTC balances across all major exchanges. 

 BTC Balance on Exchages (Source: glassnode)

Consequently, fewer than 2.27 million BTC remain in known exchange wallets. Additionally, these shifts point to ‘HODLers’ preferring the safety of private wallets, indicating a potential reluctance to sell their holdings in the immediate future.

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Fee Overhaul at Binance 

Additionally, with Binance’s pivot from a zero-fee Bitcoin trading model starting September 7, the dynamics of its BTC/TUSD trading pair will undergo a significant transformation. The days of enjoying zero-maker and taker fees are ending. Moreover, while the maker fees will hold zero status, taker fees will now hinge on the user’s VIP level.

With Binance phasing out BUSD support in favor of TUSD, a noticeable drop in Tether (USDT) volumes came to the fore. Many seasoned traders and crypto enthusiasts see this as a pivotal moment with far-reaching market implications. Consequently, as this new crypto phase looms, all eyes remain on Binance’s subsequent moves and the overarching market aftermath.

The crypto sphere is experiencing some noteworthy shifts. The landscape is evolving with changes in trading fee structures and substantial BTC withdrawals. As these events unfold, market players and enthusiasts will watch closely, anticipating the next significant turn.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.