Reserves of an Altcoin on Binance Have Dropped to Their Lowest Level in the Last Six Months

According to CryptoQuant data, Binance’s Storj (STORJ) reserves have fallen to 12.08 million tokens, the lowest level in six months. During the same week, the exchange’s average daily net STORJ flow was recorded at minus 234,566 tokens, while the amount of tokens transferred on-chain reached an average of 296.2 million per day. This figure is 705% higher than the three-month average.

Data showed that Binance’s STORJ reserves decreased by 63.9% compared to the previous month and by 71.8% compared to the three-month average. However, it was noteworthy that the total outflow amount contracted by 96.2% on a monthly basis during the same period. CryptoQuant stated that the decline in reserves was due to a shrinking reserve base rather than increasingly large withdrawal volumes.

The strongest negative net flow during the period under review was observed on September 15th. On that day, approximately 1.11 million STORJ tokens exited the exchange, resulting in a net flow of minus 1.09 million tokens. Binance’s STORJ reserve continued to decline every trading day from that date onwards.

In contrast, activity on the network increased significantly. The number of active addresses reached 2,574 on September 16th, while the number of recipient addresses reached 2,409. The average daily number of transactions rose 518% above the three-month level to 4,179, and the median transaction size increased by 72.8% to 6,643 tokens.

*This is not investment advice.