More than $7 billion worth of stablecoins were withdrawn from the largest cryptocurrency exchange Binance in 24 hours, while the influx of “stable coins” during the same period was around $4 billion.
USDT, BUSD and USDC are the most popular.
This is the largest coin outflow since June, Nansen analysts pointed out.
Binance Recorded Highest Daily Withdrawals Since June, With Over $2B* in Net Outflows Since Dec. 12
*ETH and ERC20 tokens only pic.twitter.com/xZNdZxRCVy
— Nansen 🧭 (@nansen_ai) December 13, 2022
The head of the exchange, Changpeng Zhao, pointed this out against the backdrop of May the earth collapses the volume of outgoing funds was even greater, and now “deposits are returning.”
Things seem to have stabilized. Yesterday was not the highest withdrawals we processed, not even the top 5. We processed the most during LUNA or FTX crashes. Now the deposits are returning. 🤷 ♂️💪 https://t.co/WLK2KyCym0
— CZ 🔶 Binance (@cz_binance) December 14, 2022
According to DeFi Llama, the total value of coins available to Binance exceeds $60 billion, while Ethereum dominates the asset structure with $32.5 billion (54%).
“The withdrawal of funds from the exchange is increasing due to the growing uncertainty regarding its reserve ratio”, – shared their opinion Nansen researchers speak to Reuters.
Recall, December 13 Binance will not last long closed the possibility to withdraw funds in the stablecoin USD Coin (USDC).
Stock Exchange of December 11th suspended withdrawals for a variety of activities and restricted some users’ accounts due to “abnormal price movements in some trading pairs”.
Experts previously interviewed by the WSJ embossed warning signs in the Mazars report on Binance’s bitcoin reserves.
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