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13,820 Bitcoin Moved Off Binance – Largest Withdrawal Since April 19: IntoTheBlock

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Wed, 28/07/2021 - 11:38
13,820 Bitcoin Moved Off Binance – Largest Withdrawal Since April 19: IntoTheBlock
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As per data provided by IntoTheBlock analytics data aggregator, on Tuesday, July 27, 13,820 Bitcoins were moved from the Binance exchange.

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The analytics firm believes this is the largest BTC withdrawal from this centralized crypto exchange since April 19, when Bitcoin had reached the $56,000 level.

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When negative exchange net flows occur, the tweet continues, it is, as a rule, a sign that whales and smaller investors are accumulating Bitcoin. They move it to cold storage vaults or to projects that offer yield farming.

A commenter has suggested that this large withdrawal was made in response to the recent KYC rules changes announced by Binance.

The founder of Capriole Investments, Charles Edwards, also shared a chart by CryptoQuant, showing that at the moment the market is witnessing massive Bitcoin outflows from multiple crypto exchanges.

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