Black_background_logo_BitcoinWorld-removebg-preview
Latest News

Binance Sees the Largest Outflow of Stablecoins in 24 Hours

While Binance has lately seen an influx of stablecoins, Nansen believes that it still has $30 billion in stablecoins.

Binance had the greatest stablecoin (BUSD+USDT+USDC) outflows in 24 hours, totaling $2.159 billion.

Despite the latest wipeout, Nansen believes that Binance still has $30 billion in stablecoins, for a total asset value of $58.79 billion. The BUSD amount accounts for 26.38% of total assets, while the USDT amount accounts for 21.17%.

Aside from stablecoins, Binance has seen over $2 billion in net outflows in Ethereum-based token withdrawals since December 12. Binance, the world’s biggest exchange, also experienced the most Bitcoin withdrawals: 39,637 BTC were wiped away in a single day. Binance has experienced a net outflow of 1.9 billion dollars in the previous 24 hours, almost half of what was recorded a week ago.

A large outflow of funds may indicate a lack of faith among users in the controlled exchange as a result of the continuous FUD surrounding Binance.

Nonetheless, Binance CEO Changpeng Zhao is unfazed, claiming that the exchange has previously witnessed significant withdrawals.

However, “Binance is secure,” according to a CryptoSlate insider, since the exchange only disclosed a portion of its assets. The insider proposes that Binance provide “more openness,” implying that the exchange is likely considerably better financially than it seems.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.