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Update (11:10 UTC, Nov. 27 2020): OKEx saw a total outflow of 24,631 bitcoin on Thursday, according to CryptoQuant, the largest amount since the March markets crash.

Cryptocurrency exchange OKEx recorded a major bitcoin outflow just minutes after it lifted a five-week-long withdrawal suspension at 08:00 UTC Thursday.

About 2,822 BTC was moved from OKEx in block number 658,728 mined at 08:12 UTC. Thats the biggest single-block outflow since May 2019, according to blockchain analytics firm CryptoQuant.

Of the 2,822 coins withdrawn, 456 were transferred to cryptocurrency exchange Binance and more than 400 were moved to other exchanges. Meanwhile, 54 accounts or addresses took direct custody of some coins.

OKEx halted withdrawals indefinitely on Oct. 16 after one of the exchanges key holders went out of touch with the exchange because they were held by authorities to assist an investigation.

Some analysts have associated bitcoins recent meteoric rise to 35-month highs above $19,000 with a supply shortage due in part to OKExs suspension of crypto withdrawals. Thats because the price rally began after OKExs decision, dated Oct. 16.

However, many market observers do not see a strong reason to link the latest price rally with OKExs issues. The perfect timing of OKExs suspension and the price rally could be purely coincidental, Ryan Watkins, bitcoin analyst at Messari, told CoinDesk.

Bitcoin plunged nearly $3,000 on Thursday, shortly before OKEx was due to restart withdrawals. Its also not clear if the two events may be linked.

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OKEx Sees Biggest Bitcoin Outflow in 8 Months After Resuming Withdrawals - CoinDesk - CoinDesk