A report by crypto analytics firm Nansen indicates that Binance had net withdrawals of more than $3.6 billion from Dec. 7 to Dec. 13.
with total outflows of approximately $8.8 billion while total inflows are estimated at $5.1 billion.
Binance Netflow 7D ($) -3,660,311,347
8,783,380,428 – Outflow
5,123,069,081 – InflowExchange Flows dashboard https://t.co/CYrBQLryQ0 pic.twitter.com/vV6vcqoWKK
— Nansen
(@nansen_ai) December 13, 2022
Additionally, the net daily inflow of Ethereum ERC-20 tokens to Binance was over $2 billion a day back in November. Instead, it outflowed more than $1 billion from Dec. 12-13.
Nansen’s Andrew Thurman said the drop in liquidity could be caused in part by major market makers withdrawing from exchanges. As Thurman’s research suggests, Wintermute withdraw moneyOver $300 million December 11-12 and Jump Finance change moneyOver $30 million on Binance USD (BUSD) from December 12-13
In response to the outflow, Binance CEO Changpeng Zhao (also known as “CZ”)claimthat this event could be good for the trading web Because it will be a test that will prove how well Binance copes.
We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.
I actually think it is a good idea to “stress test withdrawals” on each CEX on a rotating basis.
— CZ
Binance (@cz_binance) December 13, 2022
The post Binance hits $3.6 billion in net withdrawals in the last 7 days appeared first on Bitcoin Addict.