Bitget resumed cryptocurrency withdrawals after a September 24 security breach involving unauthorized transfers from parts of its hot and warm wallets, and early flow data show a mixed user response across major assets.
According to Bitget data, by 09:00 UTC on September 29, the exchange recorded approximately 9,674 ETH in inflows and 9,023 ETH in outflows, leaving a positive net flow of about 651 ETH in the first period after Ethereum withdrawals were restored. The exchange said this indicates there was no panic exit among ETH holders. Bitget added that USDT withdrawals are scheduled to resume September 30, with other services expected to follow by October 2.
For Bitcoin, the picture was different. On-chain reports circulating after BTC withdrawals reopened suggested users pulled roughly 4,098 BTC in the immediate hours after the resumption, though that figure had not been independently verified at the time of publication. Bitget had reopened Bitcoin withdrawals as the first tier, with Ethereum withdrawals following on September 29. The reported BTC outflow likely reflects pent-up demand accumulated during the suspension window, and if confirmed would mark a meaningful reduction in the exchange's self-reported Bitcoin reserves.
The broader security incident was significant. Bitget recorded $463 million in exchange outflows in a single day when the hack became public, underscoring how quickly user confidence can translate into capital movement. Separately, THORChain declined Bitget’s request to block approximately $387.5 million in funds linked to the incident, illustrating the limits of coordinated intervention on decentralized infrastructure. Those funds moved toward Bitcoin through THORChain’s cross-chain routing, complicating recovery efforts.
Analysts are watching whether the initial outflow is a one-time backlog clearance or the start of sustained user attrition. Stabilizing reserves would suggest accumulated withdrawal demand has been satisfied, while continued elevated outflows could indicate ongoing confidence concerns.
