• Binance has recently seen the largest outflow of stablecoins in its history, with a net flow volume of $295 million per day according to Glassnode.
• CFTC’s legal action against Binance has caused speculations about the security and stability of the cryptocurrency exchange.
• Bitcoin and Ethereum remain steady amidst the stablecoin outflows on Binance, with positive inflows recorded for both cryptocurrencies.
Binance’s Record Outflow
Binance has recently experienced a record net outflow of stablecoins, confirmed by a Glassnode report that indicates a significant decrease in Binance’s USD value and stablecoin balances. The net flow volume was estimated to be at $295 million per day, an unprecedented amount for the network.
The Commodity Futures Trading Commission (CFTC) filing a lawsuit against Binance sparked questions regarding the security and stability of the cryptocurrency exchange, leading to speculations about its potential impact on the broader crypto landscape.
Glassnode’s data suggests that investors are withdrawing large amounts of stablecoins from Binance every day, resulting in an overall negative spike for this metric. Notably, these outflows have primarily impacted stablecoins rather than other forms of cryptocurrencies such as Bitcoin and Ethereum.
Bitcoin & Ethereum Steady
Interestingly enough, there were no significant outflows reported for Bitcoin or Ethereum during this period. Recent figures from Glassnode indicate that there has been an increase in positive inflows for both cryptocurrencies instead.
Overall, it appears that while Binance is currently facing some turbulence due to CFTC’s legal action against them and their record-breaking outflows of stablecoins, they have not seen any major withdrawals from their users when it comes to other types of cryptocurrencies like Bitcoin and Ethereum.