Withdrawals on Binance and Bybit were briefly suspended amid extreme market volatility. Binance said withdrawals were paused for approximately 20 minutes due to technical issues, not a liquidity shortage. Bybit also suspended withdrawals in response to a sharp spike in volatility and a systemic glitch caused by the surge in trading activity. Bitcoin fell more than 13%, sliding below $64,000 for the first time since October 2024.
Withdrawals were restored after the systems returned to normal. Bybit subsequently announced a scheduled 12-hour maintenance of its TradFi services starting at 02:00 UTC on February 7, restricting transfers and balance viewing during the window. The episodes have intensified anxiety in an already tense market as traders reassess risk and liquidity dynamics.
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