On Sunday, April 18th, a report from Glassnode shows that a sum total of $1.2 Billion worth of Bitcoin was withdrawn from the world’s leading cryptocurrency exchange – Binance. This massive sum was withdrawn after the extreme dump in the price of Bitcoin on Sunday.
Prior to the crash of BTC, Glassnode charts indicate that about 9000 Bitcoins were moved into Binance. It was after the dump in the price of the flagship coin that a total of over 20,000 Bitcoins were moved out of Binance. This move happened almost immediately after the fall in the price of Bitcoin.
20,952 #Bitcoin withdrawn in 10 minutes from Binance after the crash.
Binancians, can we have an official comment on the nature of this spike? pic.twitter.com/FmBtsyxJOe
— Lex Moskovski (@mskvsk) April 19, 2021
The Dump in Bitcoin Price
BTC dropped from over $60,000 to $51,000 within an hour. This led to a lot of Liquidations. The Crypto Market experienced an aggregate value of $9 billion worth of long trades that were liquidated after the price plunge.
It was speculated that the decrease in hashrate of Bitcoin due to a power outage in some regions in China contributed to this massive dump.
The price of Bitcoin however has bounced back sooner than expected. In less than 24 hours, Bitcoin is gradually heading towards the $60,000 region that it dumped from. At the moment, Bitcoin is settling around the $57,000 region.
Also, there is no data that accurately identifies the reason for the movement of large volumes of BTC in and out of Binance Exchange.