Here’s How Much Binance Users Withdrew as Bitcoin Bulls Spot an FTX-Era Signal

Bitcoin's refusal to extent its initial losses are seen as a potentially bullish signal from some analysts. The world’s largest crypto exchange by market cap resumed withdrawals earlier today and later reported that users requested nearly $4.7 billion to be taken out of the platform. At the same time, BTC continues to trade close to $78,000, with some analysts drawing comparisons to the post-FTX collapse, which marked the bear market’s bottom. $3.64B Leaves Binance CryptoPotato reported earlier today that Binance began progressively reopening withdrawals at 06:00 UTC, and all 15 networks and assets included in its initial phase were operational again within five hours. It later reported that users withdrew $4.649 billion between 06:00 and 15:30 UTC, while deposits totaled $1.01 billion. This meant that the net outflows were approximately $3.64 billion. The company’s statement stated that this amount represents roughly 2.1% of its $171 billion in assets under management, based on its October 28 Proof of Reserves data. Binance explained that withdrawal activity surged immediately after services reopened but subsequently declined and began stabilizing. Deposits remained relatively sta...