- Binance net outflow reaches $2.3 billion in a week
- This is the data on the multi-chain assets of the exchange (excluding BTC)
- Coinbase outflow was $1.787 billion
Over the past 7 days, the net outflow of Binance multi-chain assets (excluding BTC) exceeded $2.3 billion. For the US division of Binance US, this figure was $124 million.
The net outflow of the Coinbase platform reached $1.7 billion. At the same time, the custodial platform Coinbase Custody fixed $739 million outflow.
The Binance crypto exchange itself does not hush up the situation. Changpeng Zhao published have a series of tweets on this topic. So, over the past 24 hours, the platform recorded a net outflow of about $392 million.
CZ also urged analysts to analyze the metrics more precisely. Some measure the change in AUM (assets under management) in dollar terms as an outflow. However, the recent drop in cryptocurrency prices has reduced the AUM, but it is not considered a “churn”. These are different things.
Zhao also reminded that it is necessary to take into account not only outflows, but also inflows. On days of high volatility, traders actively move crypto between different platforms, which increases the outflow.
Over the weekend, there was a bloodbath in the market, many altcoins lost a third of their price and more. This led to a drop in the capitalization of the crypto market to $1.05 trillion.