Binance and Phemex halted RUNE deposits and withdrawals on January 22, 2026, due to a planned network upgrade at THORChain’s block height 24,635,898. Trading activities were not impacted.
The upgrade aims to enhance user experience but saw no major market or financial shifts, with RUNE’s price moving downwards amid high BTC correlation and bearish sentiment.
The RUNE network upgrade was executed recently, affecting significant exchanges. Changes were announced by key players like Binance and Phemex, which affected deposits and withdrawals.
Suspension of RUNE deposits/withdrawals starting ~2026-01-22 20:00 UTC for upgrade at block height 24,635,898 to enhance user experience; trading unaffected, services will resume post-stability confirmation.
THORChain Upgrade Causes Temporary Exchange Deposit Halt
The RUNE network upgrade was executed recently, affecting significant exchanges. Changes were announced by key players like Binance and Phemex, which affected deposits and withdrawals. “Suspension of RUNE deposits/withdrawals starting ~2026-01-22 20:00 UTC for upgrade at block height 24,635,898 to enhance user experience; trading unaffected, services will resume post-stability confirmation.”
Binance and Phemex suspended RUNE deposits and withdrawals during the upgrade aimed at enhancing user experience, starting January 22, 2026. Trading remained unaffected, with resumption after stability was confirmed.
RUNE Value Fluctuates Between $0.56 and $0.59
The market impact on RUNE following the upgrade was noted, with prices fluctuating between $0.56 and $0.59. The asset’s value showed a daily decline amid a bearish market sentiment. No significant on-chain disruptions occurred.
Financial analysis indicated ongoing bearish trends, influenced by Bitcoin’s high correlation, which stood at 0.85. Historically, BTC’s price movements are a significant downside trigger for RUNE if BTC remains below $88k.
RUNE Upgrade Seen as Routine Network Enhancement
No recent upgrades have induced similar disruptions. The RUNE upgrade’s execution has been perceived as routine for network enhancement and not unprecedented within the THORChain ecosystem.
Experts indicate potential recovery opportunities for RUNE should market conditions stabilize. The RSI index’s current trend suggests the possibility of a reversal if it rebounds from its current level of around 39-43.
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