CryptoSlate
Bybit and Bitget recorded sharp increases in crypto deposits after Binance suspended withdrawals following an Oct. 29 hack in which hackers stole approximately $6.3 billion. From Oct. 29 to Nov. 1, deposit-address counts rose 142% at Bybit on Ethereum and 130% at Bitget on TRON.
Why it matters
The surge coincided with a nearly three-day Binance withdrawal suspension that disrupted customers’ ability to move funds between platforms. Outgoing transactions across 206 labeled Binance wallets on five blockchains fell 99.8%, from about 1.19 million in a comparable 54-hour period to 2,248. Binance’s tracked wallets had processed about $3.7 billion in stablecoin payouts during the equivalent period a week earlier.
The increase was broad but uneven. Bybit received about $239 million in Ethereum stablecoin deposits, up from $95 million, while its TRON depositing addresses rose 71%. Bitget’s USDT inflows on TRON climbed to $87 million from $66 million. OKX recorded $432 million in Ethereum stablecoin deposits, nearly three times the prior week’s $155 million, and TRON inflows increased to $528 million from $357 million.
Market impact
The stronger activity at offshore exchanges competing more directly with Binance suggests the withdrawal halt created an opening for rivals. But deposit data cannot establish that the funds came from Binance customers, and volatility may also have contributed. Bybit’s median Ethereum deposit fell to roughly one-third of its previous level, indicating more activity from smaller wallets.
Binance reopened withdrawals at 06:00 UTC on Nov. 1, restoring services across 15 networks and assets within six and a half hours. It said it processed $4.65 billion in withdrawals and $1.01 billion in deposits over the first nine and a half hours, for net outflows of about $3.64 billion, or 2.1% of its previously reported $171 billion in assets. The data captures a sharp disruption, not proof of lasting market-share gains for competitors.
Frequently asked questions
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How much did deposit activity rise at Bybit and Bitget?
Bybit’s Ethereum depositing addresses rose 142% between Oct. 29 and Nov. 1. Bitget’s TRON depositing addresses increased 130%.
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How sharply did Binance outflows fall during the withdrawal suspension?
Outgoing transactions across 206 labeled Binance wallets on five blockchains fell 99.8%, from about 1.19 million in a comparable 54-hour period to 2,248.
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Which other exchange recorded a large deposit increase?
OKX recorded $432 million in Ethereum stablecoin deposits, nearly three times the prior week’s $155 million. Its TRON inflows rose to $528 million from $357 million.
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What happened when Binance reopened withdrawals?
Binance said it processed $4.65 billion in withdrawals and $1.01 billion in deposits during the first nine and a half hours, resulting in about $3.64 billion in net outflows.
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Do the deposit figures prove Binance customers moved to rival exchanges?
No. Blockchain data cannot establish whether the additional deposits came from departing Binance customers, and heightened market volatility may also have contributed.
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