Bitget BTC Reserves Down 17% After Withdrawals Reopened

Bitget BTC reserves are about 17% lower than before the exchange reopened withdrawals, based on DefiLlama's wallet tracking. Only part of the drop has come back. A CryptoQuant Quicktake from maartunn counts roughly $1.08 billion withdrawn between September 28 and October 5. Wallet balances back up the biggest single day in that story to within about 1%.

maartunn's CryptoQuant Quicktake, cumulative Bitget outflows since withdrawals reopened.

What the Quicktake counts

Bitget detected unauthorized transfers from part of its hot-wallet setup on September 24, which the Quicktake puts near $350 million. Our earlier piece on the Bitget hack loss estimate covers that stage. Withdrawals then reopened in steps. Bitcoin came first on September 28, ether followed on the 29th, USDT on the 30th and everything else on October 2.

Bitcoin outflows were $512 million on the first day, then $168 million and $216 million in the next two days, per the author. The chart shows cumulative outflows reaching $668.6 million in BTC, $221.9 million in USDT and $116.2 million in ETH by October 5. After the opening rush, the pace dropped to $33 million on October 2 and a few million a day after that.

Wallet data shows the same BTC day

DefiLlama tracks Bitget's known wallets. Its series shows 35,413 BTC on September 28 and 29,250 BTC the next day. That is a drop of 6,163 BTC. At Binance prices near $83,500 to $84,500 that day, it is roughly $515 million, within 1% of the Quicktake's first-day number.

maartunn's daily outflow chart, with the September 28 bitcoin spike.

The low came on October 1 at 28,651 BTC, down 19%. Since then the exchange has rebuilt a little. Tracked BTC stood at 29,346 on October 8, about 700 coins above the bottom and still 17% under September 28.

Gross outflow versus net Bitget BTC reserves

CryptoQuant counts what left. DefiLlama shows what remains, and Bitget BTC reserves are the net of both. The $668.6 million BTC outflow equals roughly 8,000 BTC at current prices, while the tracked balance fell by about 6,100. The difference points to something like 2,000 BTC of deposits arriving over the same days.

Other reserves moved too

Trackers can miss coins that shuffle between wallets they have not labeled, so read these figures as estimates. Even so, the September 28 drop in BTC matches the reported withdrawal.

Total tracked reserves peaked near $6.82 billion on September 22 and 23. They bottomed at $5.65 billion on October 1 and read $6.28 billion on October 8, still 8% under the peak.

ETH reserves recovered from about $4 million to roughly $108 million after ETH withdrawals reopened. The exchange's own BGB token holdings sit near $488 million. USDT in tracked wallets swung more. It rose to $1.05 billion on September 30, then fell to $821 million the next day, and sits near $890 million now.

The Quicktake's own read is that the rush stabilized and did not become a sustained run. Daily outflows after October 2 are small beside the first three days, and tracked wallet balances have edged up since the low. This report uses public wallet data and a third-party Quicktake and does not assess Bitget's solvency or any customer's risk.