In the wake of the Securities and Exchange Commission (SEC) filing a lawsuit against Binance, a renowned cryptocurrency exchange, significant changes have been observed in the platform’s Bitcoin (BTC) holdings.
Glassnode, a leading on-chain data provider, recently shared insights into the aftermath of the legal action, revealing a net outflow of 10.5K BTC, amounting to approximately $277 million. This figure positions it as the 12th largest net outflow day for Binance in terms of BTC.
The data provided by Glassnode showcases the impact of the SEC’s 13 civil charges against Binance. With a net outflow of 10.5K BTC, there have only been 11 trading days in the exchange’s history that recorded larger outflows.
Binance’s BTC Balance Remains Strong Despite Outflows
However, it is essential to note that the current net outflow remains significantly smaller than the peak recorded, which stood at 40.3K BTC.
When analyzing the net outflow in USD terms, Glassnode’s data reveals a value of -$277 million. While this marks the 15th largest net outflow on record, it remains substantially lower than the peak net outflow of $1.04 billion.
The current value represents a decrease of -$763 million, showcasing a 73% reduction compared to the highest recorded outflow. Further examination of the net transfer volume from and to Binance provides insight into the scale of the outflows based on USD sizes.
Notably, 51% of the outflow volume was attributed to withdrawals ranging from $1 million to $10 million. Larger withdrawals exceeding $10 million accounted for -$26 million (9.3%), while the $1 million to $10 million range comprised -$141 million (51%).
Withdrawals within the range of $100,000 to $1 million totaled -$70 million (25.2%), while those between $10,000 and $100,000 amounted to -$29 million (10.5%). Lastly, withdrawals smaller than $10,000 summed up to -$11 million (4%).
Despite the significant outflows witnessed during this period, the balance of Bitcoin held across Binance’s exchange addresses remains substantial.
Currently, Binance holds a robust 694K BTC, just 10.5K BTC shy of its all-time high (ATH) of 704.5K BTC. This indicates that the recent surge in outflows has only marginally impacted the overall balance held on the exchange.
As the aftermath of the SEC lawsuit continues to unfold, the cryptocurrency industry is closely monitoring Binance’s response and the potential long-term implications of the legal action. However, it remains to be seen how these developments will affect the exchange’s operations and the wider cryptocurrency market.
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