Huge Amount of Bitcoin Returns to OKEx Despite Outflows

After the crypto exchange, the pullers ran to the exits OKEx resumed its withdrawals yesterday, with over 29,300 bitcoin ($ 495 million) exiting the exchange, according to data from the on-chain analytics tool Glass knot. However, a large amount of Bitcoin was deposited during the same period.

21,600 bitcoins ($ 360 million) were deposited yesterday in the same period as the withdrawals on the Malta-based exchange. This means that only 7,700 more Bitcoin were withdrawn than arrived on the exchange.

Despite this minor exodus, OKEx continues to sit on over 212,000 Bitcoin ($ 3.5 billion), or about 1.1% of the asset’s total circulating supply.

OKEx stopped all withdrawals last month after its co-founder Star Xu did so taken away by the police authorities in China. The lack of Xu – a holder of the exchange’s private keys required to process withdrawals – meant OKEx users were on the sidelines for over a month. They could trade, deposit and invest but not withdraw funds.

Xu was finally released last week and OKEx has since made changes to the way its private keys are handled.

Meanwhile, the moves coincided with a nearly 10% drop in Bitcoin prices. The asset was trading above $ 19,300 yesterday, but the Asian trading hours suddenly dropped to just $ 16,200. However, the decline was only temporary. Bitcoin won in the US session, ending the day above $ 17,150.

Bitcoin is trading at $ 16,888 at press time, down 1.9% from yesterday.