OKEx Sees Biggest Bitcoin Outflow for 6 Months Soon After Resuming Withdrawals

Cryptocurrency exchange OKEx recorded a major bitcoin outflow just minutes after it lifted a five-week-long withdrawal suspension at 08:00 UTC Thursday. Some analysts have associated bitcoin’s recent meteoric rise to 35-month highs above $19,000 with a supply shortage in part due to OKEx’s suspension of crypto withdrawals.

“The “perfect” timing of OKEx’s suspension and the price rally could be purely coincidental,” Ryan Watkins, bitcoin analyst at Messari, told CoinDesk. Bitcoin plunged nearly $3,000 on Thursday, soon before OKEx was due to restart withdrawals.

Timeline of Bitcoin, Ultracoin