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The OKEx cryptocurrency exchange saw a significant flow of bitcoin just minutes after lifting a five-week withdrawal suspension at 08:00 UTC on Thursday.
Approximately 2,822 bitcoins were moved from OKEx into block number 658,728 mined at 08:12 UTC. This is the largest single block outflow since May 2019, according to blockchain analytics company CryptoQuant.
Of the 2,822 parts withdrawn, 456 have been transferred to the Binance cryptocurrency exchange and over 400 have been moved to other exchanges. During this time, 54 accounts or addresses took direct custody of certain parts.
OKEx suspended withdrawals indefinitely on October 16 after one of the exchange’s key holders was “logged out” from the exchange because they were being held by authorities to “assist with an investigation” .
Some analysts have linked Bitcoin’s recent meteoric rise to 35-month highs above $ 19,000 with a supply shortage in part due to OKEx’s suspension of cryptocurrency withdrawals. That’s because the price rally started after OKEX’s October 16 decision.
However, many market watchers do not see a strong reason to link the latest price rally to OKEx’s problems. “The ‘perfect’ timing of the OKEx suspension and the price hike could be purely coincidental,” Ryan Watkins, bitcoin analyst at Messari, told CoinDesk.
Bitcoin plunged nearly $ 3,000 on Thursday, shortly before OKEx restarted withdrawals. It is also not clear whether the two events can be linked.
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