Bitcoins began to be massively withdrawn from the Binance exchange. What does it mean

Over the past two days, digital coins worth more than $ 1.6 billion have been transferred from the site.Why do users withdraw assets from the trading platform and how can quotes react to this? According …

Over the past two days, digital coins worth more than $ 1.6 billion have been transferred from the site.Why do users withdraw assets from the trading platform and how can quotes react to this?

According to the analytical service IntoTheBlock , on July 27, 13.8 thousand bitcoins were withdrawn from the world's largest cryptocurrency exchange in terms of trading volume, Binance. The outflow of digital coins from the trading platform continued on July 28. In 15 minutes, almost 30 thousand bitcoins were withdrawn from Binance ($ 1.1 billion at the exchange rate at the time of the transfer). The cryptocurrency was withdrawn from the exchange in three equal transactions.

Reaction to innovations

The mass withdrawal of cryptocurrency from Binance could be a good signal for growth, but it has nothing to do with the current market situation, says Nikita Zuborev, senior analyst at In his opinion, now there is a natural reaction to the introduction of additional restrictions on the part of the exchange.

A number of recent changes in the functionality of the Binance crypto exchange led to an outflow of users from the site, explained Artem Deev, head of the analytical department at AMarkets. In his opinion, due to the innovations of the last days, the crypto exchange will lose many clients.

Changes to Binance

On July 27, Binance announced a drop in the daily Bitcoin withdrawal limit for users who have passed standard verification. Such users will be able to withdraw no more than 0.06 bitcoins per day. Previously, this limit was 2 bitcoins. Clients of the exchange who pass full identity verification will be able to withdraw up to 100 bitcoins per day.

On July 26, it became known that Binance began limiting the leverage limit for new users to 20x when trading futures. On Twitter, the site's CEO Changpeng Zhao said that within two weeks, the leverage limit will be reduced five times for all users.

Binance also notified users that trading pairs with AUD (Australian dollar), EUR (Euro) and GBP (British pound) will become unavailable for margin trading on October 8 this year. On December 12, the platform will automatically calculate and cancel all pending margin orders in pairs with AUD, EUR and GBP.

In addition, Changpeng Zhao said he is willing to step down if the company finds a new CEO with extensive compliance experience.

Movements on FTX

The leverage limit for futures trading has also been reduced fivefold on the FTX cryptocurrency derivatives exchange. The very next day, the largest hourly inflow of bitcoins to the site was recorded.

This event should be viewed as a PR action, says Zuborev, since recently the exchange has made too many statements to attract attention. As an example, the analyst cited the words of FTX head Sam Bankman-Fried about the possible acquisition of Goldman Sachs and other Wall Street giants.

Impact on the market

Since large movements of tokens are not directly related to the market situation, they should not affect the bitcoin rate, a senior analyst at is sure. On the other hand, given the nature of such movements, new similar transactions can be expected, Zuborev said.

“But their nature will be associated with the intention not to buy or sell, but to keep in a reliable wallet without restrictions and additional verifications,” the expert explained.

There is a pattern in the cryptocurrency market: if the "whales" introduce a large amount of bitcoins on the exchanges, then we expect a fall, said Ivan Sharov, CEO of the online store for mining equipment and computer components Hardvar. According to him, recent events on the market show the intentions of large holders, namely, the accumulation of cryptocurrency, which should be positive news for the market.

Large cryptocurrency holders continue to accumulate bitcoin. Over the past month and a half, the "whales", at whose addresses there are from 100 to 10 thousand bitcoins, purchased 170 thousand coins. In the last ten days alone, large cryptocurrency holders have bought 40 thousand bitcoins.

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