Quick Take
- Binance halted withdrawals last week due to the surge in miner fees and is now looking at options such as the Bitcoin lightning network.
- There were reports on Twitter with significant outflows from Binance, but this was confirmed as internal wallet movements.
- However, with data from Glassnode, we can now see that 20,000 Bitcoin have left Binance in the past seven days.
- This is the fourth biggest withdrawal period in the past two years, only eclipsed by the FTX collapse and the China mining ban in the summer of 2021.
- Both times were at local price bottoms.
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