- The panic began after the SEC lawsuit against Binance and only intensified on Tuesday, June 6
- Shares of the exchange “dipped” by more than 12% as of June 7
- Coinbase under massive US investigation
- The exchange risks being sanctioned and even completely losing its business in some states
According to Nansen, the net outflow of funds from the Coinbase cryptocurrency exchange for June 5-6 amounted to $600 million. The reason for panic among the platform’s clients was a lawsuit from the SEC, which could put an end to the company’s entire business in the United States.
According to on-chain statistics, over the 24 hours from June 5 to 6, deposits totaling $771 million were placed on Coinbase. The outflow of funds for the same period amounted to $1.38 billion. And this is only the data for BTC accounts. Real “drawdown” of liquidity Maybe be much more. As Nansen statistics show, the outflow took place in two waves – on Monday, after the lawsuit against Binance, and on Tuesday:
Speaking of which, the net outflow on Binance exceeded $700M by the end of the day on June 5th. Today, June 7, this trend is likely to continue as the SEC has demanded an immediate freeze on the exchange and its CEO. Coinbase shares have slumped significantly. At the time of writing, this position is trading down 12.09%. Recall that a large-scale investigation is underway against the exchange in connection with the violation of the law on securities.