Bybit, Bitget Deposit Addresses Rise 142% and 130% During Binance Halt

Bybit and Bitget recorded sharp increases in addresses depositing into wallets labeled as theirs during Binance’s withdrawal halt. The figures show more deposit activity at the rival exchanges, but do not establish that Binance customers moved funds to either one.

From Oct. 29 at 6 p.m. ET (22:00 UTC) through Oct. 31 at 8 p.m. ET (Nov. 1 at 00:00 UTC), 31,539 distinct addresses deposited stablecoins to Bybit on Ethereum. That was up 142% from 13,038 addresses in a matching 50-hour period a week earlier. Deposits totaled $239.2 million, compared with $95.1 million.

On TRON, Bitget recorded 10,274 distinct addresses sending Tether (USDT) worth $87 million during the window. A week earlier, 4,470 addresses deposited $66 million, putting the address count 130% higher. The Bybit total covers Ethereum stablecoin deposits, while Bitget’s covers Tether on TRON; the two address counts do not represent one pool of unique customers.

The measure counts addresses, not verified customers. The depositor method applied thresholds of less than $1 million in stablecoins or less than 400 ETH, and the Bybit count also excluded transfers below $10. One person can use several depositing addresses, while a service address can make deposits on behalf of many people.

“One person can use several addresses, and an address can belong to a service that pays in for many people,” Agarwal said.

Binance said its hot wallets were compromised around 4:05 p.m. ET Oct. 29 (20:05 UTC), with estimated losses of $6.3 billion in token assets. The exchange suspended withdrawals for security reviews while deposits remained open.

The rival-exchange measurement ended at 8 p.m. ET Oct. 31 (00:00 UTC Nov. 1). Binance began restoring withdrawals in phases at 1 a.m. EST Nov. 1 (06:00 UTC), six hours after the measurement window closed.

The deposit totals do not subtract withdrawals from either rival exchange. The figures also do not identify where the deposits originated or whether funds stayed at Bybit or Bitget. Market volatility could have contributed to the activity, and the address counts cannot establish customer migration or lasting market-share gains.