Carlos Fernandes Recent data from cryptoquant.com reveals that Binance, the leading cryptocurrency exchange worldwide in terms of trade volume, has observed notable outflows of bitcoin, ethereum, and stablecoins since June 3, 2023. Over the past 68 hours, Binance experienced outflows of approximately 15,438 BTC, valued at more than $420 million.
Significant Outflows Coincide with SEC Lawsuit Against Binance
The significant outflows coincide with the ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC) against Binance, which has also resulted in the SEC’s request to freeze assets associated with Binance US. These developments have led to substantial outflows from the exchange.
As of 9 p.m. ET on June 6, 2023, Binance’s 24-hour trade volume globally amounted to $10.30 billion. Notably, a significant portion of this volume is attributed to the BTC/USDT and BTC/TUSD trading pairs, as reported by coingecko.com.
Binance’s Bitcoin (BTC) Reserves on June 6, 2023
Cryptoquant.com data indicates that Binance’s reserves have witnessed a significant outflow of BTC, ETH, and stablecoins since June 3, 2023. This outflow began approximately 68 hours ago, depleting Binance’s BTC reserves from 615,045 BTC to 599,607 BTC—a loss of 15,438 BTC, equivalent to over $420 million based on current BTC exchange rates.
Binance’s Stablecoin and Ethereum (ETH) Reserves on June 6, 2023
According to reports, Binance’s reserves held 4.441 million ether as of June 3, but since then, approximately 157,218 ETH has been withdrawn from the exchange’s reserves. This brings the current reserve balance to slightly over 4.28 million ether.
While the removed ether had a value of $296 million based on current exchange rates, the outflow of stablecoin assets was significantly higher in terms of value. Cryptoquant’s data suggests that stablecoins worth $742.47 million have departed from the exchange since June 3.
Overall, the total value of assets that have left Binance since Saturday includes BTC amounting to $420 million, ether worth $296 million, and stablecoin assets valued at $742 million, totaling $1.45 billion.
Binance’s Cold Wallet Holds the Largest BTC Balance on June 6, 2023
On June 6, 2023, the ‘Binance Cold Wallet’ held 248,597 BTC, establishing it as the largest BTC wallet based on the number of bitcoins held. While the balance of Binance’s cold wallet remained unchanged for the most part of 2023, 2,000 BTC were sent out on January 7.
We invite you to share your thoughts and opinions on the outflows witnessed by Binance in the past 24 hours. Kindly leave your comments and insights regarding this matter in the section below.
Table Of Contents
Frequently Asked Questions (FAQs) about cryptocurrency exchange outflows
What is Binance and why is it significant in the cryptocurrency industry?
Binance is the world’s largest cryptocurrency exchange, known for its high trade volume and extensive range of available cryptocurrencies. It plays a significant role in the cryptocurrency industry by providing a platform for users to buy, sell, and trade various digital assets.
Why has Binance experienced significant outflows of BTC, ETH, and stablecoins?
The outflows of BTC, ETH, and stablecoins from Binance are primarily attributed to the ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC) against Binance. This legal action and the SEC’s request to freeze Binance’s assets have led to users withdrawing their funds from the exchange.
How much value has been withdrawn from Binance?
The total value of assets that have left Binance since the outflows began includes BTC worth over $420 million, ETH worth $296 million, and stablecoin assets valued at $742 million. In total, these outflows amount to more than $1.45 billion.
What impact does the SEC lawsuit have on Binance’s operations?
The SEC lawsuit against Binance has resulted in increased scrutiny and regulatory pressure on the exchange. This has led to significant outflows as users seek to protect their funds and navigate the uncertain regulatory landscape. It remains to be seen how the lawsuit will ultimately impact Binance’s operations and the broader cryptocurrency industry.
More about cryptocurrency exchange outflows
- Binance Official Website
- CryptoQuant
- U.S. Securities and Exchange Commission (SEC)
- CoinGecko
- Binance Cold Wallet Address on OXT
- Cryptocurrency Market Data
