Staggering $3,200,000,000 in Stablecoins Exit Crypto Exchange Binance in 30 Days: Analytics Firm Glassnode

Leading analytics firm Glassnode says billions of dollars worth of stablecoins are being withdrawn from top crypto exchange Binance.

Glassnode says that Binance has witnessed $3.2 billion in combined outflows of Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) in a 30-day period.

Source: Glassnode/Twitter

Based on Glassnode’s chart, Binance’s net outflows of dollar-pegged crypto assets this month appear to be the highest rate of stablecoin withdrawal in nearly three years.

Traders and investors have been taking off crypto assets from digital asset exchanges following the high-profile collapse of FTX amid fears that centralized entities operating in the space could be facing solvency issues.

Looking at Bitcoin, Glassnode says that Binance saw its largest Bitcoin (BTC) net outflow on December 13th.

“We can see greater volatility in Binance exchange balances through December.

If we look to BTC inflow/outflows, we can see there have been significant withdrawals of late.

13-Dec recorded 57,300 BTC in outflows, and the largest net BTC outflow from Binance in history.” 

Image
Source: Glassnode/Twitter

The analytics firm also says that more than $544.56 million worth of Ethereum (ETH) has been taken off the leading crypto exchange on the same day.

“Binance flows for ETH are more stable, and are relatively ‘typical’.

That said, we still see a very large one-day outflow of 456,700 ETH on 13-Dec.

It is important to note that the entire industry has seen a shift towards self-custody post-FTX.” 

Image
Source: Glassnode/Twitter

At time of writing, Bitcoin is trading for $16,738, while ETH is changing hands for $1,191.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Aleksandr Kukharskiy



Source

Spread the love

Related posts

Leave a Comment