Binance’s Ethereum net outflows were $778M after SEC charges, according to Nansen.

The lawsuit filed by the United States Securities and Exchange Commission (SEC) against Binance, accusing the crypto exchange of violating various securities laws, has had a direct impact on the crypto market and Binance’s balance sheet. According to data from crypto analytic firm Nansen, Binance experienced negative netflows of over $778 million on the Ethereum blockchain, with $871 million of inflows dominated by $1.6 billion flowing out of the exchange. Ethereum-based tokens have seen negative netflows in the 24 hours since the SEC charges, with $14.8 million of assets flowing in and $50.5 million worth of assets flowing out of the exchange in the past hour alone. Binance’s reserve assets had a net outflow of approximately $1.4 billion in the first hour after news broke of the SEC’s charges, amounting to 2.6% of its total reserve assets of $52.9 billion. The outflow of funds from Binance across all protocols has reached $999 million in the past 24 hours. However, the net outflows are still lower than the exchange’s reserve. The crypto exchange holds a healthy stablecoin balance of over $8 billion. Binance also saw the largest outflow of Bitcoin (BTC) from the platform since the FTX collapse, with over 20,000 BTC withdrawn from the exchange in the last 24 hours. Market pundits predict that the significant surge in the withdrawals of assets from the crypto exchange reflects the declining trust of investors in centralized exchanges.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

XRP surges after Ripple obtains Singapore license, SEC unable to appeal

The CoinDesk Market Index (CMI) reveals a slight 0.7% decline in the broader crypto markets over the past 24 hours.

Market

Tesla’s Bitcoin Holdings Remain Unchanged in Q4 2023: What Does This Mean for the Crypto Market?

Thanks to its forward-thinking leadership under Elon Musk, the company now boasts an impressive $387 million in bitco...

Bitcoin

Argentina Presidential Candidates' Bitcoin and CBDC Debate Sparks Reactions

Argentina’s presidential candidate, Sergio Massa enthusiastically champions the implementation of a Central Bank Digi...

Market

Bitcoin Soars as SEC Approves Spot-Based ETFs 🚀📈

Excitement grows as we anticipate the level of demand these investment vehicles will generate.

News

The Human Touch: Mitigating the Risks of AI Hallucinations

Richard Robinson, CEO of RobinAI, a legal copilot powered by AI, stresses the importance of human supervision in deal...

Bitcoin

Bitcoin price could surge due to MicroStrategy's $700M investment and rumors of an ETF launch. Should you buy when the price is above $64,850?

MicroStrategy's impressive $700 million investment and Arizona's proposal for a Bitcoin exchange-traded fund have spa...