Cryptocurrency exchange OKEx recorded a significant bitcoin outflow right after the full range of five-week-long withdrawal suspension was lifted on Thursday at 08:00 UTC.
About 2,822 BTC was moved from the Asian exchange in block number 658,728 mined at 08:12 UTC — this was the most significant single-block outflow since May 2019.
In total, 24,631 BTC were moved out of OKEx yesterday, which is an 8-month high since March 13 this year, according to blockchain analytics firm CryptoQuant. The same day, Binance saw an inflow of 28.2k BTC.
Combining today’s outflows, so far, with yesterday’s results in 29,300 BTC, which have been cleaned out of OKEx. During the same time period, 21,600 BTC has also been deposited.
This has reduced OKExs balance to ~212k BTC, as per crypto data provider Glassnode.
Meanwhile, the price of Bitcoin continues to oscillate between $16k and $17k following the big crash the night before Thanksgiving when the price was trading at the highs of $19,600.
This price drop started as soon as BTC whales began depositing their crypto assets to exchanges. As per IntoTheBlock, more than 93,000 Bitcoin were deposited into centralized exchanges.
If these whales continue to do so, the flagship cryptocurrency price is likely to go either sideways or drop.