Bitcoin withdrawals on some cryptocurrency exchanges, including Binance and Robinhood, are experiencing problems due to network congestion, causing a large number of pending transactions and record-high fees. As a result, Binance temporarily suspended BTC withdrawals, but data shows large Bitcoin outflows. According to CryptoQuant, Binance has an exchange outflow of 190,000 BTC worth nearly $5.5 billion.

However, effective outflows are likely near 10,100 BTC, which is far lower than the Binance outflow values shown on CryptoQuant. As per DefiLlama data, Binance has Bitcoin worth $16.99 billion in the exchange with a total value locked (TVL) of $65.61 billion. Bitcoin's price fell 3% in the last 24 hours, currently trading at $28,200, triggering a market-wide selling in other altcoins. Ethereum price slid 2% to $1,850 in the last 24 hours.