Crypto exchange Binance has clarified that the large volume of Bitcoin (BTC) outflows most data aggregators reported was false.
According to a May 8 tweet, the exchange said the reported “outflows” were internal movements between its hot and cold wallets due to its address adjustments.
In the last 24 hours, Coinglass data showed that Binance experienced outflows of around 180,000 BTC.
This was further corroborated by CryptoQuant data that showed the exchange saw outflows of nearly 190,000 BTC in the last two days.
These reported outflows caused concerns among several crypto community members who expressed worry about the exchange’s balance.
However, CryptoQuant head of research Julio Moreno reported that the “two transactions of 117,000 and 40,000 Bitcoin” were “sent to newly created change addresses that belong to Binance.”
Moreno added outflows from Binance were likely around 10,100.
A market analyst at Bitcoin Layer Joe Consorti noted that “Binance has actually NOT
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