The world’s largest crypto exchange, Binance, saw more than $7 billion in stablecoins withdrawn in 24 hours. Inflows of ‘stablecoins’ over the same period were about $4 billion.
The most in-demand are USDT, BUSD and USDC.
This is the largest outflow of coins since June, according to Nansen analysts.
Binance has had the highest daily withdrawals since June, with over $2B* in net outflows since Dec 12
*ETH & ERC20 tokens only pic.twitter.com/xZNdZxRCVy
— Nansen 🧭 (@nansen_ai) December 13, 2022
Binance CEO Changpeng Zhao noted that against the backdrop of the May Terra collapse, outflows were even larger, and now «deposits are returning».
Things seem to have stabilized. Yesterday was not the highest withdrawals we processed, not even top 5. We processed more during LUNA or FTX crashes. Now deposits are coming back in. 🤷♂️💪 https://t.co/WLK2KyCym0
— CZ 🔶 Binance (@cz_binance) December 14, 2022
According to DeFi Llama, the total value of coins held by Binance exceeds $60 billion. In the asset mix, Ethereum dominates — $32.5 billion (54%).
«Withdrawal from the exchange is increasing due to growing uncertainty about its reserve report», — поделились мнением исследователи Nansen в разговоре с Reuters.
Binance briefly suspended withdrawals in the USD Coin (USDC) stablecoin.
On December 11 the exchange suspended withdrawals for a number of assets and restricted some users’ accounts due to «abnormal price movements in certain trading pairs».
Earlier, WSJ-experts заявили о тревожных сигналах in Mazars’ report on Binance’s Bitcoin reserves.
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