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CryptoQuant CEO Says Binance BTC Reserve is up +24% Post-FTX’s Fall

source-logo  coinedition.com 14 December 2022 05:44, UTC
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Ki Young Ju, the CEO and co-founder of CryptoQuant, gave his two cents on the whole Binance drama by sharing a few key analyses. Ju mentioned in a recent tweet that the $BTC reserves of Binance dropped by 8% over the last two days.

People are asking me if @binance is fine.

Their $BTC reserve dropped -8% over the last two days but +24% up during the FTX bank run last month.

There might be things to be clarified for regulation, but I don't see any shady on-chain activities for now.https://t.co/66yVQG2idc pic.twitter.com/gK8iJmCZxQ

— Ki Young Ju (@ki_young_ju) December 13, 2022

However, the CEO of CryptoQuant clarified that Binance’s $BTC reserves are up by 24% post-FTX collapse last month. Ju stressed the fact that he doesn’t see any “shady on-chain activities” for now.

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Ju also did a comparison of the stablecoin reserves on Binance and FTX. The CryptoQuant co-founder stated that the FTX reserves doesn’t look organic with many inflows and outflows. Adding to his statement, the CEO of CryptoQuant also mentioned that the stablecoin reserves of FTX dropped by 93% a few days prior to the bank run.

Ju also stressed the disclaimer that he doesn’t have any relationship with Binance, just in case the crypto community might assume it is a promoted tweet. The FUD created by the Reuters article triggered billions of outflows from Binance. As per the data shared by Patrick, an on-chain analyst, over $5 billion was withdrawn from Binance yesterday.

Over $5 Billion was withdrawn from Binance yesterday.

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Here’s a quick guide on how you can use FREE tools to monitor exchange withdrawals yourself and become an on-chain detective. 🧵

— Patrick | Dynamo DeFi (@Dynamo_Patrick) December 13, 2022

Binance CEO Changpeng Zhao, aka CZ, recently tweeted that FUD brought a stress test, which will help build credibility for exchanges that pass the test. Zhao also added that if users want to hold their own coins, they can use TrustWallet, stressing the importance of keeping the private keys safe.

CZ stated that from day 1 of the Binance ICO, large exchanges have tried to create FUD about the exchange. Zhao also highlighted that, ever since then, Binance had learned to ignore the FUD and keep building.

coinedition.com