SEC‘of BinanceAfter the lawsuit filed against bitcoin And altcoinWhile there were decreases in the prices, investors were in a hurry to withdraw their money from Binance.
According to Nansen’s data, while withdrawals from Binance increased, the exits from the stock market reached $ 719 million in 24 hours.
Nansen data also shows that Binance suffered net outflows of approximately $69 million within an hour of the news of the lawsuit.
Nansen data is also shared by Binance. stablecoin It also shows that the balance remains healthy. The exchange currently has a stablecoin balance of over $8 billion. BinanceOKX, the cryptocurrency exchange with the largest stablecoin reserves after , has a balance of around $ 4 billion.
Crypto analysis platform that interprets the money outflows from Binance CryptoQuant In his post on his Twitter account, he said that withdrawals were within historical normal levels.
Big after Binance’s SEC lawsuit announcement Bitcoin (BTC) and Ethereum (ETH) Stating that it has experienced exits, CryptoQuant said, “While withdrawals are unprecedented and large, they only reflect a small amount of Binance’s reserves.” said.
Comparing the CFTC’s lawsuit against Binance with the SEC lawsuit, CryptoQuant wrote:
“The net outflows after the SEC lawsuit are more significant than when the CFTC sued Binance in March 2023.
However, net outflows so far have been smaller than the stock market has experienced during other times of stress or regulatory FUD.
Moreover, these net outflows are small relative to the stock market reserve level.
Looking at stablecoins, the reserves on Binance drop significantly from $24.5 billion in December 2022 to $8 billion. This decline is a result of the sanction against BUSD.
After the SEC lawsuit announcement, the total amount of user transactions seeking to withdraw cryptocurrencies such as Bitcoin, Ethereum or Stablecoin increased, but these are still within historically normal levels.”
Binance Exchange On-Chain Analysis in the Context of CFTC-SEC-Binance Lawsuit Cases
On a nominal basis Binance has experienced large net outflows of Bitcoin and Ethereum after today’s SEC lawsuit announcement.
Details on the thread🧵
— CryptoQuant.com (@cryptoquant_com) June 6, 2023
As is known, the SEC sued Binance and its CEO, CZ, for allegedly violating federal securities laws.
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