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Not Immune To FUD? Binance Sees $1.5 Billion In Outflows In 24 Hours
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Not Immune To FUD? Binance Sees $1.5 Billion In Outflows In 24 Hours

Best Owie
Best Owie
2 years ago
3 mins read
Binance

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EThe United States Securities and Exchange Commission (SEC) announced on June 5 that it had sued the largest crypto exchange in the world, Binance, for alleged securities fraud. The announcement triggered a market crash as BNB’s price and others suffered, and users clamored to remove their crypto from the exchange.

$1.5 Billion In Withdrawals In 24 Hours

In the 24 hours following the SEC’s announcement, the volume of withdrawals from Binance saw a surge, as expected. According to data from DeFiLlama, Binance’s net flows climbed quickly but with outflows remaining high, it offset all of the inflows as withdrawals dominated its volume. In total, the exchange saw $1.5 billion in crypto assets leave the exchange in the 24-hour period following the SEC announcement.

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On-chain data aggregation firm Nansen also reported on the Binance outflows. The dashboard showed that transfers on the Ethereum blockchain alone on the exchange reached a negative net flow of $778 million on the worldwide platform, while the US arm saw negative net flows of $12,982,964.

Binance outflows

Outflows reach $1.5 billion | Source: DeFiLlama

Trading volume on the exchange has also remained high during this time with $6.24 billion in spot volume in the one-day period. Open interest on the trading platform also climbed to $8.8 billion with an average leverage of 0.17x.

Despite the outflows, Binance still remains ahead of the rest of the market with around $50 billion in assets in its reserves. This means that the $1.5 billion in outflows only accounts for less than 3% of the exchange’s total reserves.

Can Binance Recover From Here?

This is not Binance’s first rodeo when it comes to an event triggering massive outflows from the exchange. In fact, the current outflows remain in the realm of ‘normal’ for the exchange which saw over $2 billion in single-day outflows back in December 2022.

Given that the exchange was able to come out of the FTX event unscathed even after investor trust had been eroded greatly, the possibility of it coming out of this unscathed as well remains high given the outflows are lower. CEO Changpeng Zhao has also adopted a new mantra of ‘Ignore FUD’ this year as he has assured users in the past that their funds are safe.

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A recent tweet from Zhao seems to be addressing the SEC coming after the exchange. The SEC which has now sued multiple firms looks to be coming after the crypto industry in general and not just one firm. “If you have to pick a fight with everyone, maybe you are the one at fault,” the CEO said.

At the time of writing, Binance’s native token BNB is yet to recover from its Monday crash. The coin is trading at $277.58, down 7.81% in the last 24 hours with losses of 11.30% on the weekly chart.

Binance Coin (BNB) price chart from TradingView.com

BNB price drops over 10% in 24 hours | Source: BNBUSD on  TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from CNBC, chart from TradingView.com
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Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

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Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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