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Binance, the world’s largest cryptocurrency exchange by trade volume, saw significant outflows of bitcoin, ethereum, and stablecoins starting on June 3, 2023, according to data from cryptoquant.com. In the past 68 hours, Binance has seen bitcoin outflows of around 15,438 BTC worth more than $420 million.
SEC Lawsuit Against Binance Results in Significant Outflows
Amid the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Binance and the SEC’s request to freeze assets belonging to Binance US, the exchange has experienced significant outflows.
As of June 6, 2023, at 9 p.m. ET, Binance has seen $10.30 billion in 24-hour trade volume worldwide. According to statistics recorded by coingecko.com, a significant portion of Binance’s volume comes from BTC/USDT and BTC/TUSD trading pairs.
According to data from cryptoquant.com, Binance has experienced a significant outflow of BTC, ETH, and stablecoins from the platform. The outflow began leaving Binance reserves approximately 68 hours ago on June 3, 2023.
On that day, Cryptoquant’s metrics indicate that Binance held 615,045 bitcoin (BTC) in reserves. Currently, the stash of BTC has decreased to 599,607, resulting in a loss of 15,438 BTC worth more than $420 million using current BTC exchange rates.
Reportedly, Binance held 4.441 million ether as of June 3. Since then, approximately 157,218 ETH has been removed from the exchange’s reserves, resulting in a reserve balance of just over 4.28 million ether.
Although the removed ether was worth $296 million using current exchange rates, the removal of stablecoin assets was significantly larger in terms of value. According to Cryptoquant’s data, stablecoins valued at $742.47 million have left the exchange since June 3.
The ‘Binance Cold Wallet’ currently holds 248,597 BTC, making it the largest BTC wallet in terms of the number of bitcoin held. The balance of Binance’s cold wallet has remained unchanged for much of 2023, but it did send out 2,000 BTC on January 7.