Bitget moved $169M in BTC from its Protection Fund to hot wallets ahead of anticipated user withdrawals, with CEO confirming fund replenishment to $300M baseline within a week.
Macro & Markets ·
Bitget has moved approximately 2,042.28 BTC—valued near $169 million—from its Protection Fund into hot wallets, according to on-chain monitoring. The exchange maintains roughly 5,500 BTC in its Protection Fund overall, with 3,457.72 BTC remaining on-chain after the transfers.
The relocation was executed in advance of anticipated user withdrawals and does not represent actual withdrawal activity, according to observers. Bitget CEO Gracy Chen has committed to restoring the Protection Fund to its $300 million baseline within one week of these movements.
The timing and scale of the transfer reflect operational liquidity management ahead of expected redemption demand. Whether the fund restoration occurs on schedule, and the broader impact on user confidence and reserve adequacy, remain to be seen.