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The top 10 cryptocurrency exchanges have witnessed significant negative net flows after the FUD (fear, uncertainty and doubt) around <a href="https://crypto.news/sec-sues-binance-and-cz-for-securities-violations/">Binance</a> and <a href="https://crypto.news/sec-sues-coinbase-just-hours-after-binance/">Coinbase</a> rose.



Last week, the US Securities and Exchange Commission (SEC) sued Binance and Coinbase, triggering a massive sell-off in the global crypto market. However, the situation seems to be back to normal at the moment.




 
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According to the on-chain data provided by Glassnode, the top three crypto assets — bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>), ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>), and tether (USDT) — have witnessed outflows of more than $4.6 billion over the past week.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">🚨 Weekly On-Chain Exchange Flow 🚨<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> ➡️ $6.4B in ⬅️ $7.2B out 📉 Net flow: -$806.8M<a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> ➡️ $2.9B in ⬅️ $5.9B out 📉 Net flow: -$3.0B<a href="https://twitter.com/hashtag/Tether?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Tether</a> (ERC20) <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> ➡️ $4.6B in ⬅️ $5.5B out 📉 Net flow: -$869.8M<a href="https://t.co/dk2HbGwhVw" target="_blank">https://t.co/dk2HbGwhVw</a>&mdash; glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1668123472118140928?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 12, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Moreover, BTC and USDT’s outflows are $806 million and $869 million, respectively. Ethereum’s net flows over the past week, on the other hand, are recorded to be roughly $3 billion, according to Glassnode.



Glassnode’s data shows a massive sell-off as the US SEC took legal action against the top two crypto exchanges.



Furthermore, CoinMarketCap (CMC) data shows that the top 10 crypto exchanges’ 24-hour trading volumes have plunged over the past day. Binance and Coinbase saw 22% and 33% drops, respectively.



<figure class="wp-block-image size-full"><img decoding="async" width="901" height="877" src="https://crypto.news/app/uploads/2023/06/Top-10-crypto-exchanges-June-12.png" alt="Top crypto exchanges see notable negative net flows, volumes down - 1" class="wp-image-14168026"><figcaption class="wp-element-caption">Top 10 crypto exchanges &#8211; June 12 | Source: <a href="https://coinmarketcap.com/rankings/exchanges/" target="_blank" rel="noopener">CoinMarketCap</a></figcaption></figure>



According to CMC, Bitstamp and Bitfinex’s trading volumes declined the most — 40% and 42% — among the top 10 exchanges.



CMC data shows that the global crypto trading volume <a href="https://coinmarketcap.com/charts/" target="_blank" rel="noopener">rose</a> to almost $50 billion on June 6 and saw another massive surge to over $54.6 billion on June 11. The number currently stands at $27.6 billion, showing an almost 50% drop in the past 24 hours.



The global crypto trading volume drop suggests that the mass sell-off might have ended.




 
 Read more:

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 Solana, Polygon challenge US SEC’s classification of SOL and MATIC as securities </a>

Top crypto exchanges see notable negative net flows, volumes down

crypto.news

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