Since the nomination SEC accusations against Binance, the latter’s bitcoin balances decreased by 10,500 BTC. Over the lifetime of the platform, there have only been 11 days when this value was higher, according to Glassnode.
Following the SECs 13 civil charges against the leading cryptocurrency Exchange Binance, the Exchange experienced a net outflow of -10.5K BTC, with only 11 trading days recording larger outflows.
However, the current value remains a significant -29.8K BTC (-74%) smaller than the… pic.twitter.com/Qsk8zWTVe3
— glassnode (@glassnode) June 6, 2023
The record outflow (40,300 BTC) happened at the end of 2022. The current value is four times lower.
In dollar terms, the withdrawal is equivalent to $ 277 million – there were 14 episodes in history when the value was higher. The record was also actually four times higher ($1.04 billion).
51% of the outflows were generated by transactions in the range from $1 million to $10 million. Another quarter fell on amounts from $100,000 to $1 million.
Breaking down the Net Transfer Volume from/to Binance by USD Size, 51% of the outflow volume was driven by withdrawals sized $1M-$10M.
🔴 More than $10M: -$26M (9.3%)
🟠 $1M to $10M: -$141M (51%)
🟡 $100K to $1M: -$70M (25.2%)
🟢 $10K to $100K: -$29M (10.5%)
🔵Less than… pic.twitter.com/rvqSUlhzM2— glassnode (@glassnode) June 6, 2023
Despite a statistically significant churn, Binance-linked addresses hold 694,000 BTC, just 10,500 BTC below theirs. ATH (704,500 BTC).
“The recent flurry of withdrawals only slightly affected the balance of the exchange“, the experts concluded.
The reasoning of Glassnode analysts is consistent with the analysis of their colleagues from CryptoQuant. The latter also called the “stress” of the exchange moderate in historical retrospect (or regulatory FUDom) following the news of the SEC filing.
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
In the context of the outflow dynamics of “stable coins” in the ERC-20 format, the platform did not record significant activity. For comparison, in December, the reserves of such assets collapsed from $24.5 billion to $8.2 billion, mainly in BUSD.
“The total number of transactions for withdrawals of funds (in bitcoin, Ethereum and stablecoins) has increased dramatically […]but they are still within historically normal levels”, experts stressed.
Recall that whales, institutionals and venture capital firms “bought on the bottom” after the news of the SEC lawsuit against Binance, according to Lookonchain.
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