Good day everyone,
since the collapse of FTX we had many discussion about people withdrawing their Bitcoin from exchanges. You can check the balances here
https://www.coinglass.com/Balance.
We went from 2.1 million BTC all the way down to 1.9 million BTC.
Until yesterday Binance was one of the biggest looser with over 80k BTC withdrawn over the last 30 days. Coinbase was ranked first, but also with massive loses. Nearly all exchanges lost huge amounts, fitting perfectly in the narrative of people withdrawing their bitcoin.
But suddenly in the last 24 hours Binance added and incredible 92,000 Bitcoin to their exchange an amount never seen before on the exchange (according to coinglass, and if you check the last 12 months). I found very little info about that, and all nearly other exchanges are still getting their balance reduces.
Do we have some info about that or any idea whats going on?
People who traded on FTX probably moved to Binance but the real reason is we don't really know how much Bitcoins are in the custody of Binance and for the last few days the mempool clogged with transactions from Binance and its considered that the Binance is consolidating the smaller inputs so they can reduce the transaction fee while people withdraw their Bitcoins from exchange.