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

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Wed, 07/28/2021 - 11:38
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Yuri Molchan
As per recent data from a popular analytics company, Binance has seen the largest BTC withdrawal from this platform since April
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.

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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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.