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The global digital asset industry witnessed a major setback as the world’s largest crypto exchange, Binance’s CEO <a href="https://news.todayq.com/binance-czs-settlement-exit-good-for-crypto/" target="_blank" rel="noreferrer noopener">Changpeng Zhao, stepped down</a> after pleading guilty to breaking U.S. anti laundering laws. The cumulative market cap dropped by almost 2% over the past day. Ethereum registers $17 mln negative netflow in 1 hr 
According to the data provided by Nansen, Ethereum witnessed a $17 million negative netflow in the past hour, at the press time. This suggests that more assets are leaving Binance than entering. It mentioned that the exchange over the last 24 hours on Ethereum, Binance has recorded a substantial $965 million negative netflow. However, the platform is recording many more withdrawals but it doesn’t indicate any mass exodus of funds at the moment. 
It noted that the total value of the exchange’s holdings registered an increase from $64.6 billion to $65.2 billion over the past 12 hours. Binance holdings 
As per the data, USDT holdings declined by $246 million, Bitcoin (BTC) holdings decreased by $76 million, TUSD holdings remained steady, BNB holdings rose by $97 million. However, Ripple’s XRP holding on the exchange held steady, AETH holdings increased by $59 million. 
Nansen added that Solana (SOL) holdings saw a $34 million increase, Chainlink (LINK) holdings increased by $27 million, Shiba Inu (SHIB) holdings grew by $12 million, USDC holdings decreased by $39 million, BUSD holdings declined by $11 million, Polygon (MATIC) holdings increased by $14 million over the past 12 hours. 
It is important to note that Binance has witnessed higher outflow volumes and negative netflow in the past during critical junctures. This includes incidents like June 2023 after the US SEC filed a lawsuit against Binance, December 2022 amid insolvency rumors, and the immediate aftermath of the FTX situation. The current market dynamics coupled with ongoing withdrawals highlight the resilience of Binance amidst evolving circumstances. 
© Todayq News

Binance negative netflow: Ethereum records $17M outflow, $965M in 24 hours

Todayq News

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