Crypto analytics portal nansenleading in the last 24 hours cryptocurrency stock market from Binance reported a large outflow of funds. Binance says it has a net outflow of $1.6 billion and that’s just ERC20 tokens and ETHHe said he had it himself.
$1.6 Billion Net Fund Outflow From Binance In The Last 24 Hours
Its 7-day net flow is currently $1.9, less than Binance’s $2.3 billion weekly net flow after the collapse of FTX.
Total exits over the past seven days are almost $2 billion, according to Nansen, which is lower than the stock market experienced when investors fled centralized platforms during the collapse of FTX a month ago.
At that time, Binance had a $2.3 billion exit within a week.
The increase in exits was likely triggered by a Reuters article about the US attorney’s office considering accusing Binance and its executives of money laundering and sanctions violations.
Exchange chairman Changpeng Zhao called the news FUD (fear, uncertainty and doubt) and urged everyone not to worry.
The Nansen analyst also noticed large withdrawals from Jump Trading, a well-known major crypto trading firm and market maker. Accordingly, Jump pulled $146 million from Binance last week.
On the other hand, Lookonchain reports an influx of funds from Wintermute Trading, also a major crypto market maker, to Binance. According to reports, the firm has transferred the roughly $150 million it had previously withdrawn from Coinbase to Binance in the past few hours.
*Not investment advice.
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