The OKEx trading platform had disappointed by suspending withdrawals for 5 long weeks, while Bitcoin (BTC) was in the middle of a bull run. And it seems that users do not forgive him: a mass exodus is underway.
OKEx trade volume shows user exodus
As the data aggregator Nomics shows, dollar exchange volume peaked when the exchange reopened, as customers were withdrawing $ 400 million from the platform . But since then, the volume of transactions on OKEx has collapsed and no longer reaches the levels of the months before the shutdown:
Users withdraw their stablecoins from OKEx
Another data gives us clues about this exodus of OKEx users. Tether (USDT) stocks are at their lowest. Bitcoin Millionaire usually brings together a lot of Chinese traders, and they use the USDT to protect their capital from excessive fluctuations while waiting to trade them for other cryptocurrencies.
And what we can see is that these USDT stocks have just plunged as well. This suggests that investors withdrew their capital from the platform once it reopened its services:
Other major stablecoins available OKEx, namely USDC, the DAI and the PAX , also saw their levels drop in recent days.
Will this be the beginning of the end for OKEx? It’s possible. The temporary closure of withdrawals came at a crucial time . As the prices of several cryptocurrencies exploded, traders found themselves stranded. And the compensation program offered by the platform does not seem to have been enough to retain users. It remains to be seen whether OKEx will be able to recover from this lack of confidence.