Binance Sees $778M Ethereum Net Outflows Following SEC Lawsuit

The SEC's lawsuit against Binance has had a direct impact on the crypto market, particularly on Ethereum. In the past 24 hours, over $750 million has been withdrawn from Binance on the Ethereum blockchain, resulting in negative netflows. Ethereum-based tokens have also experienced negative net flows, with millions of assets flowing out of the exchange. Binance's reserve assets saw a net outflow of $1.4 billion within the first hour of the SEC's charges. Despite the outflows, Binance still holds a healthy stablecoin balance of over $8 billion. Additionally, over 20,000 BTC have been withdrawn from Binance in the past 24 hours. The significant surge in withdrawals reflects a decline in investors' trust in centralized exchanges.