Cryptocurrency exchange OKEx recorded a high bitcoin outflow just minutes after it lifted a 5-week-long withdrawal suspension earlier today at 08:00 UTC.
Over 2,822 bitcoins were moved from OKEx in block number 658,728 mined at 08:12 UTC. That’s the leading single-block outflow since earlier from May 2019, consistent with blockchain analytics firm CryptoQuant.
Of the 2,822 coins withdrawn, 456 were shifted to cryptocurrency exchange Binance & over 400 were shifted to other exchanges. Meanwhile, 54 accounts or addresses took direct custody of some coins.
OKEx halted withdrawals indefinitely on 16th Oct. after one among the exchange’s key holders went “out of touch” with the exchange because they were held by authorities to “assist an investigation.”
Some analysts have associated Bitcoin [BTC] recent meteoric rise to 35-month highs above $19k with a supply shortage partially due to OKEx’s suspension of cryptocurrency withdrawals. That’s because the worth rally began after OKEX’s decision dated 16th Oct.
Moreover, many market observers don’t see a robust reason to link the newest price rally with OKEx’s issues. “The “perfect” timing of OKEx’s suspension and therefore the price rally might be purely coincidental,” Ryan Watkins, bitcoin analyst at Messari, added.