Cryptocurrency

Bitcoin

Million

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 </figure>Cryptocurrency exchange Binance saw a net outflow of about $392 million over the past 24 hours, according to <a href="https://twitter.com/cz_binance/status/1667554966662266883">a series of tweets</a> from Binance CEO Changpeng Zhao (CZ). This data provides an inside look into the exchange's financial flows amid volatile market conditions following the U.S. Securities and Exchange Commission's lawsuit against Binance and Coinbase that sent shock waves across the cryptocurrency industry earlier this week.CZ was quick to differentiate between outflows and changes in assets under management (AUM), explaining that third-party analysts often conflate the two, which can paint a misleading picture of the company's financial health.On days of substantial price fluctuation, arbitrage traders often move considerable amounts between exchanges, leading to unusually high outflows. These outflows do not necessarily signify a loss of trust in the exchange but rather are a consequence of traders seeking to capitalize on price differentials across platforms.<a href="https://u.today/grayscale-drops-filecoin-fil-trust-registration-request">card</a>The CEO also sought to contextualize the current outflow by pointing out that Binance had processed a net outflow of $7 billion in a single day in November last year.These clarifications follow a Glassnode report from June 6, which highlighted that Binance experienced a net outflow of 10,500 <a href="https://u.today/600k-bitcoin-price-prediction-cathie-wood-lays-out-arks-base-case">Bitcoin</a> (BTC) following the SEC's 13 civil charges against the company. Despite this, Glassnode notes that the current value is significantly smaller than the peak net outflow of 40,300 BTC. Moreover, 51% of this outflow was driven by withdrawals ranging between $1 million-$10 million, demonstrating that larger transactions heavily influenced this movement.Despite recent outflows, the balance of Bitcoin held across Binance exchange addresses remains substantial. Glassnode points out that the balance is currently at 694,000 BTC, merely 10,500 BTC shy of its all-time high of 704,500 BTC. This suggests that Binance continues to hold a significant amount of Bitcoin despite recent developments.Data firm Nansen also reported a sizable outflow of $780 million from Binance on June 6, indicating increased market activity following regulatory news.

Binance Discloses $392 Million Net Outflow in Past 24 Hours

U_Today

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