Glassnode: SEC filing spurred 10,500 BTC outflow from Binance balances

Since the U.S. Securities and Exchange Commission SEC charges against Binance, the exchange’s Bitcoin balances have fallen by 10,500 BTC. Across the platform’s history there have been only 11 days when this figure was higher, according to Glassnode.

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Following the SEC’s 13 civil charges against the leading cryptocurrency Exchange Binance, the Exchange experienced a net outflow of -10.5K BTC, with only 11 trading days recording larger outflows.

However, the current value remains a significant -29.8K BTC (-74%) smaller than the… pic.twitter.com/Qsk8zWTVe3

— glassnode (@glassnode) June 6, 2023

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The all-time outflow record (40 300 BTC) occurred in late 2022. The current level is one-quarter of that.

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In dollar terms, the outflow amounts to $277 million — there have been 14 instances in history where the amount was higher. The record was also effectively four times higher ($1.04 billion).

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51% of outflows were transactions in the range of $1M to $10M. Another quarter was in the $100K to $1M range.

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Breaking down the Net Transfer Volume from/to Binance by USD Size, 51% of the of outflow volume was driven by withdrawals sized $1M-$10M.

? More than $10M: -$26M (9.3%)
? $1M to $10M: -$141M (51%)
? $100K to $1M: -$70M (25.2%)
? $10K to $100K: -$29M (10.5%)
? Less than… pic.twitter.com/rvqSUlhzM2

— glassnode (@glassnode) June 6, 2023

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Despite the statistically significant outflows, addresses linked to Binance hold 694 000 BTC, only 10 500 BTC below their ATH (704 500 BTC).

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The recent surge in withdrawals has had only a marginal impact on the exchange’s balance, — the experts concluded.

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The reasoning of Glassnode’s analysts aligns with CryptoQuant’s assessment. The latter also described, in historical retrospect, the exchange’s ‘stress’ as moderate, or regulatory Fear, Uncertainty and Doubt (FUD) after the news of the SEC’s filing.

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Binance Exchange On-Chain Analysis in the Context of CFTC-SEC-Binance Lawsuit Cases

On a nominal basis, Binance has experienced large net outflows of Bitcoin and Ethereum after today’s SEC lawsuit announcement.

Details on the thread?

— CryptoQuant.com (@cryptoquant_com) June 6, 2023

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In the context of stablecoins outflows in the ERC-20 format, the platform did not record notable activity. By December, reserves of such assets had collapsed from $24.5 billion to $8.2 billion, mainly in BUSD.

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The total number of withdrawals (in Bitcoin, Ethereum and stablecoins) rose sharply […], but they remain within historically normal levels — the experts noted.

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bought the dip after the news of the SEC’s lawsuit against Binance, according to Lookonchain.

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