Following the announcement of the SEC lawsuit against Binance, the cryptocurrency exchange, there have been significant withdrawals by users in the first 24 hours. According to data provided by blockchain analysis firm Nansen, it is estimated that more than three billion dollars have been withdrawn on different blockchains supported by the exchange.
It’s been 24 hours since the SEC sued @binance. Binance users have withdrawn over $3B across multiple chains since the announcement, resulting in $1.43B negative netflow as of 3pm UTC today
But what does this all mean?
We’ll show what you need to see using on-chain data… pic.twitter.com/2AcAc2OrW0
— Nansen 🧭 (@nansen_ai) June 6, 2023
In a Twitter thread, Nansen highlighted the negative net flow, which represents the sum of deposits and withdrawals on Binance. This indicated a noticeable number of withdrawals by users after the SEC announced its lawsuit against the exchange.
nansen He noted that this is not the first case where Binance has experienced large withdrawals from its platform.. In December 2022, for example, net outflows exceeded $2 billion due to concerns in the market about market solvency.
Despite this, Nansen also reported that the net flow following the SEC lawsuit against Binance US was positive, with a total of $78 million deposited in the first 24 hours after the announcement.
However, these data have experienced a negative variation for the US subsidiary of the exchange, with a total of -123.6 million dollars, after the regulatory body requested a temporary restraining order to freeze the assets of Binance US.
10,500 BTC have left Binance
Additionally, according to on-chain metrics firm Glassnode, an outflow of 10,500 BTC from Binance has been observed following the SEC’s lawsuit.
However, it should be noted that this current value is still small compared to the maximum net outflow recorded on the exchange, which was -40,300 BTC at the highest point of historical outflows.
Glassnode highlights that 51% of the outbound volume was driven by withdrawals ranging from $1 million to $10 million on June 5.when the civil charges filed by the SEC against the exchange were disclosed.
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