Bitget Sees Massive BTC Outflow After Reopening Withdrawals

Bitget, a cryptocurrency exchange, saw significant activity after reopening withdrawals for Bitcoin (BTC) following a temporary pause. The halt was implemented as a security precaution to protect user funds.

During this time, deposits were still allowed on the platform, and user balances remained unaffected. However, when withdrawals were reinstated, a substantial 3,326 BTC outflow occurred within the first hour.

This influx of outgoing transactions indicates immediate demand among users to move their assets off the exchange. Bitget plans to restore withdrawal capabilities for other cryptocurrencies later in the week as part of its phased process.