After 41 days of suspended withdrawals, OKEx resumed its withdrawal services on November 26 at 4 PM Beijing time. Unsurprisingly, a wave of withdrawals appears to have begun.
The Initial Withdrawal Wave
According to CoinDesk, approximately 2,822 BTC were moved out of OKEx in a single block (Block #658,728), mined at 08:12 UTC. CryptoQuant data reveals this was the largest single-block outflow since May 2019. However, Wu Blockchain noted unusual fluctuations in OKEx’s BTC reserves, which plummeted by around 5,000 BTC before rapidly recovering—only to drop again shortly afterward.
Beijing Chainalysis’s Chainsmap system monitored the following within the first hour of OKEx’s withdrawal resumption:
BTC Flow:
- Inflow: 70.41 BTC
- Outflow: 5,681.79 BTC
- Top Destination Exchanges: Binance, Huobi, ZB.com
ERC-20 USDT Flow:
- Inflow: 433,703 USDT
- Outflow: 47,087,425.32 USDT
- Top Destination Exchanges: Huobi, Binance, ZB.com
Earlier Trends: Huobi’s Outflow to Binance
On November 2, rumors surfaced about Huobi’s COO being under investigation, triggering a significant BTC migration from Huobi to Binance. CoinDesk reported that between November 2 and 11, 18,652 BTC flowed from Huobi to Binance. Glassnode data corroborates this, showing Huobi’s largest annual BTC outflow and Binance’s record inflow during this period. At its peak, Huobi lost over 25,000 BTC in a single day, while Binance gained more than 12,000 BTC.
👉 Why are traders flocking to Binance amid exchange uncertainties?
Skepticism Around Data Accuracy
Some analysts caution that OKEx’s non-public wallet addresses make its outflow data less reliable compared to Binance and Huobi, which share transparent wallet information. Post-panic, BTC flows between Huobi and Binance began stabilizing, with signs of reversal.
Binance’s "Passive Win"
Binance emerged as an unintended beneficiary of the recent exchange turmoil. SimilarWeb data indicates:
- Binance’s share of Chinese crypto traffic surged by 5–10%, now averaging 25.6% (peaking at 28.3%).
- Notably, Chinese traffic constitutes only a fraction of Binance’s global user base.
Regulatory Risks: A U.S. Focus
Unlike OKEx and Huobi, Binance’s primary regulatory challenges stem from the U.S., where agencies are tightening scrutiny. Key developments:
- Forbes Investigation: Binance sued Forbes after it reported on the exchange’s alleged evasion of U.S. regulations.
- Compliance Push: Binance reiterated its 14-day account closure policy for U.S. users, directing them to Binance US.
- DFS Approval: The NYDFS included Binance’s BUSD in its approved stablecoin list, excluding USDT and USDC.
Post-Crisis Moves: OKEx and Huobi
With OKEx founder Xu Mingxing released from investigation, both exchanges are strategizing aggressive global expansion:
- Huobi: Shifting operations to Singapore under Du Jun’s leadership, bidding for top Japanese/Korean exchanges.
- OKEx: Launching incentives to regain trust while addressing internal governance concerns.
👉 How are exchanges adapting to global regulatory shifts?
FAQ Section
Q: How reliable is the data on OKEx’s BTC outflows?
A: Limited by non-public wallet addresses, OKEx’s data is less transparent than Binance/Huobi’s. Fluctuations suggest potential inaccuracies.
Q: Why did Binance gain users during the Huobi/OKEx crisis?
A: Traders likely migrated due to perceived stability, as Binance faced no direct investigation threats in China.
Q: What’s next for Huobi and OKEx?
A: Both aim to reduce reliance on China via global expansion—Huobi in Singapore, OKEx through海外 partnerships.
Disclaimer: This content adheres to regulatory guidelines and does not endorse any financial activities.
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