From TokenPost · · 40s
Bybit and Bitget Deposit Addresses Jump During Binance Halt
Bybit and Bitget deposit addresses surged 142% and 130% as Binance halted withdrawals.
In brief
Bybit and Bitget deposit addresses surged 142% and 130% as Binance halted withdrawals. Bybit and Bitget saw 142% and 130% more deposit addresses during Binance's withdrawal halt, but the figures don't prove customer migration. Originally reported by TokenPost.
Bybit deposit surge
Bybit recorded 31,539 distinct deposit addresses for stablecoins on Ethereum, up 142% from 13,038 addresses a week earlier.
Bitget deposit surge
Bitget saw 10,274 distinct addresses depositing USDT worth $87 million on TRON, a 130% increase from 4,470 addresses the previous week.
Key limitations
The figures don't prove customer migration, as one person can use multiple addresses and service accounts handle deposits for many users.
“One person can use several addresses, and an address can belong to a service that pays in for many people”
The takeaway
Bybit and Bitget saw 142% and 130% more deposit addresses during Binance's withdrawal halt, but the figures don't prove customer migration.
