Analysts say Binance’s $2.2 billion outflows don’t suggest a bank run yet
After the CFTC sued Binance on March 27, all eyes have been on the exchange’s publicly available list of wallets holding its clients’ crypto funds. Since the announcement, the exchange has seen $2.2 billion of cryptocurrency flow out of the exchange (a period of around 45 hours), according to data collected by The Block Research. Part of this was caused by an initial flurry of small withdrawals in the first hour following the news.
Lee noted that Binance has seen higher than normal withdrawals over the last few weeks, with average daily withdrawals of $385 million — in terms of Ethereum-based tokens. He added that $1.3 billion of withdrawals took place on the day of the CFTC news, but this was well under the $3 billion that left the exchange on Dec. 13, 2022. “I've seen a lot of bombastic headlines about the outflows Binance has experienced but they are actually less than normal,” said Tom Dunleavy, founder of Dunleavy Investment Research and former senior research analyst at Messari, in a Twitter DM. Binance's wallets are largely filled with stablecoins and top cryptocurrencies.
Source
https://t.me/Bitcoin_NewsTg
