After the CFTC sued Binance on March 27, all eyes were on the wallet.publicly available of exchanges holding clients’ crypto funds
Since its announcement, Binance has seen $2.2 billion worth of cryptocurrency flow from the exchange. This was due in part to the flurry of withdrawals in the first hours after the news broke.
However, during the same period, $1.3 billion worth of cryptocurrency was sent to the exchange. This represents a net outflow of $900 million.
“There are no real signs of a bank run and we feel that fears are lower now than they were late last year,” Nansen Data reporter Martin Lee said.
Lee noted that Binance has seen higher-than-normal withdrawals over the past few weeks. It averaged $385 million in daily withdrawals in terms of Ethereum-based tokens, and he added that $1.3 billion of withdrawals occurred on the day of the CFTC news but well below the $3 billion that exited the exchange. on December 13, 2022
Binance’s wallet is largely filled with stablecoins and leading cryptocurrencies, with tether accounting for 28.7% of its reserves, according to Nansen, while bitcoin accounted for 23.5% and ether 12.4%, followed by BUSD and BNB. These five occupy 80% of cryptocurrencies. in Binance wallet
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