Bitget Withdraws Over 2700 BTC from Protection Fund Amid Bearish Bitcoin Trends

Bitget, an online exchange, has processed over 3000 withdrawal transactions, moving roughly 2700 BTC out of its platform. This move is part of a larger trend in which the exchange's protection fund is being depleted. According to on-chain records and statements from Gracy Bitget.Executives, actual withdrawals fell below internal expectations.

The exchange's protection fund had 5500 BTC at the start but has already shown 2432.1 BTC in outflows. This leaves a remaining balance of roughly 3067.9 BTC. The target for replenishing this fund is $300 million over the next week, according to executives.

The Bitcoin price on the 4-hour chart is at $82765.85 and is trading within a bearish structure defined by EMA50 at $83455.96 as immediate resistance and EMA200 at $78828.74 providing longer-term support. The MACD death cross at -135.16 reinforces downside momentum, while RSI stays neutral at 36.8.