Benzinga - Bitcoin (CRYPTO: BTC) withdrawals from leading cryptocurrency exchange Binance are experiencing difficulties amid severe network congestion.
What Happened: The issue has to do with the significant number of pending transactions and record-high fees, prompting Binance to temporarily halt Bitcoin withdrawals.
In the last two days, Binance has reportedly recorded a total outflow of 190,000 Bitcoins valued at almost $5.5 billion, as per CryptoQuant data.
However, CryptoQuant’s head of research Julio Moreno indicates that despite the reported large Bitcoin outflows from Binance, the actual outflows are most likely just 10,100 Bitcoin.
Moreno clarified, "In reality, these are bitcoin sent to newly created change addresses that belong to Binance."
A lot of people commenting about the huge Bitcoin outflows from Binance today.Two transactions of 117K and 40K Bitcoin respectively.
In reality, these are bitcoin sent to newly created change addresses that belong to Binance.
Effective outflows are most likely just 10,100… pic.twitter.com/c5z8WOshG6
— Julio Moreno (@jjcmoreno) May 7, 2023
See More: Is Bitcoin a Good Investment?
Why It Matters: Binance CEO Changpeng Zhao, popularly known as “CZ,” also said "there are some FUD about BTC withdrawal issues."
4. There are some FUD about BTC withdrawal issues. Here is why. Bitcoin network fees are fluctuating, 18x in a month.