OKEx has seen over $110m net crypto outflows after withdrawals reopened

Exchanges • November 26, 2020, 7:49AM EST

OKEx has seen net crypto outflows worth more than $110 million within hours after it reopened asset withdrawals.

According to data from on-chain analysis firm CryptoQuant, the first batch of outflows – 2,822 bitcoin – incurred within 15 minutes after the crypto exchange reopened customer asset withdrawals at 8:00 UTC on Thursday. And 83% of the first batch went to non-exchange wallets, CryptoQuant CEO Ki Young Ju said in a tweet.

The bitcoin outflows increased to more than 4,000 bitcoin, worth around $68 million, before 9:00 UTC.

But the exchange has since then seen notable bitcoin inflows, which has again increased OKEx's bitcoin reserve to the same level before withdrawal opened, CryptoQuant's data shows. The new inflows, Ki told The Block, were not internal transfers but user deposits.

In addition, the firm's chart below shows OKEx has seen continuous net outflows of crypto stablecoins worth more than $110 million since the withdrawal reopened. A majority of the stablecoin outflows – in $50 million – incurred within one hour after withdrawal reopened and has increased thereafter.

The outflows also came around the time when bitcoin's price started to drop by over 10% and reached around $16,350 before it bounced back to over $17,000.

OKEx stablecoins netflow. Source: CryptoQuant

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Wolfie joined The Block’s news team in 2020 and switched to the research side in 2021 to focus on crypto mining analysis. Prior to The Block, he had been a journalist at CoinDesk for three years. Wolfie has a background in financial journalism.