After Bitget opened ETH withdrawals, the first thing you see is hot-wallet funds flowing back—not continued withdrawals driven by a squeeze.
PANews cited monitoring by @ai_9684xtpa, saying the hot wallet allegedly prepared for this round of ETH withdrawals, 0xED9..., had a balance of 30,000 ETH before withdrawals were enabled. Within half an hour, it briefly flowed out to about 25,000 ETH, before flowing back again and rising back above 30,000 ETH.
This looks more like the platform is repairing trust; at least, short-term withdrawal pressure hasn’t continued to escalate. But that doesn’t mean the risk is completely over. Next, more important to watch is the flow of funds after USDT and other assets withdrawals are opened, along with the progress of the official investigation and reserve transparency.
One observation is that if, going forward, the balance continues to remain stable above 30,000 ETH, it suggests sentiment is easing. Another observation is that if, after other assets are opened, there is again concentrated outflow, market concerns about the security incident will be amplified. Would you rather first look at funds flowing back, or first look at the official investigation?
Source: PANews
#ETH
Figure 1: Net inflow in real terms after Bitget’s ETH withdrawal restoration · Key news points
Image source: https://www.panewslab.com/zh/articles/01a0ecb1-9700-749b-8b5e-a748c8eec1e5
PANews cited monitoring by @ai_9684xtpa, saying the hot wallet allegedly prepared for this round of ETH withdrawals, 0xED9..., had a balance of 30,000 ETH before withdrawals were enabled. Within half an hour, it briefly flowed out to about 25,000 ETH, before flowing back again and rising back above 30,000 ETH.
This looks more like the platform is repairing trust; at least, short-term withdrawal pressure hasn’t continued to escalate. But that doesn’t mean the risk is completely over. Next, more important to watch is the flow of funds after USDT and other assets withdrawals are opened, along with the progress of the official investigation and reserve transparency.
One observation is that if, going forward, the balance continues to remain stable above 30,000 ETH, it suggests sentiment is easing. Another observation is that if, after other assets are opened, there is again concentrated outflow, market concerns about the security incident will be amplified. Would you rather first look at funds flowing back, or first look at the official investigation?
Source: PANews
#ETH
Figure 1: Net inflow in real terms after Bitget’s ETH withdrawal restoration · Key news points
Image source: https://www.panewslab.com/zh/articles/01a0ecb1-9700-749b-8b5e-a748c8eec1e5
