On-chain data shows an abnormal amount of altcoins have been transferred to Binance wallets in the last 48 hours. The transactions came after CEO CZ tweeted that the situation had stabilized.
Altcoin whales are returning to Binance
Data provided by blockchain trackers Etherscan and Shibaplay shows that whales have transferred massive amounts of Shiba Inu (SHIB) to Binance wallets in the past 24 hours. cryptocoin.com With the transactions dated December 14, which we quoted as the SHIB transfer, it started to cause concern. In details of the day’s trades, there were four major trades that moved close to 800 billion SHIB in total. These transfers started shortly after CEO CZ’s statements on Twitter.
Binance CEO recently said that the large amount of funds coming out of the exchange has stagnated. He also tweeted that recent outflows have started coming back to Binance wallets. Today’s trades confirm what CZ said.
750 billion SHIB on the move
On December 14, there were four transactions, each carrying 150 billion to 207.8 billion Shiba Inu. In one of the transactions, an anonymous whale moved a total of 207,208,495,544 SHIB to Binance wallet. This was worth approximately $1.84 million at the time. Again, a similar amount of SHIB was transferred between anonymous wallets. In the last transaction, $1,336,500 worth of SHIB was sent to Binance wallets.
SHIB price is falling during the above bulk transfers. The meme token lost around 4% on December 15. At the time of writing, it continues to fluctuate with a fairly high transaction volume.
CZ says fund outflows are back
Binance CZ reported on December 14 that the situation regarding large withdrawals from the exchange has stabilized. Recently, around $800 million worth of Ethereum net inflows occurred to Binance wallets at one point. Previously, investors were pulling BNB and BUSD into cold wallets in a panic. They were also actively converting Ethereum and ERC20 tokens to attract other exchanges. Thus, close to $2 billion worth of cryptocurrency withdrawals took place in just 24 hours.
CZ says the fund outflow isn’t as big as it was during the FTX and Terra eras. Withdrawals began following a money laundering charge dating back to 2018. CZ commented, claiming it was FUD.
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