Binance exchange daily BTC withdrawals top $500M as CZ says ‘FUD helps us grow’

Bitcoin (BTC) withdrawals from the largest cryptocurrency exchange Binance have surpassed $500 million in the past 24 hours as the CEO calls it “FUD.”

Data from on-chain monitoring resources coin glass Binance’s BTC balance dropped by over 30,000 BTC by December 13th.

CZ: FUD is ‘totally annoying’

Binance, the latest hotspot in the fallout from the FTX debacle, has joined the exchange after seeing the outflow of user funds.

According to Coinglass, users withdrew 30,300 BTC ($515 million) in the 24 hours to the time of writing, making up the bulk of the week’s total of 40,150 BTC.

This anomalous behavior comes as Binance is battling what its CEO Changpeng Zhao (also known as CZ) called “FUD” on social media.

As reported by Cointelegraph, it was initially nerve-wracking after a Reuters report suggested the exchange would become the target of a US money laundering lawsuit.

Zhao denies this, statement From Binance refuting the claims in the report.

However, subsequent reports Major Token Withdrawal Tensions were heightened by statements from TRON CEO and founder Justin Sun.

So does Zhao. take a critic to work After Sun made a $100 million deposit on Binance, users immediately withdrew their funds from their accounts.Temporary suspension A specific withdrawal of Binance’s stablecoin BUSD was in progress at the time of writing.

“FUD helps us grow, even if they are completely annoying,” says Zhao. I have written In his latest Twitter thread on the topic.

“Being able to do FUD without explicitly mentioning anyone’s name spreads awareness. It also helps unite supporters because it forms a common defense alliance.”

This event mimics the early events of the FTX debacle when exchange users hoarded their funds en masse. However, at that time, his BTC balance on Binance was actually increasing.

Binance BTC balance vs BTC/USD chart.Source: Coinglass

BTC Relief Bounce Targets $17,500

BTC’s price action continued unaffected by the Binance panic, with BTC/USD rising close to $17,500, according to Cointelegraph Markets Pro data and TradingView Indicated.

RELATED: ‘Biggest Week of the Year’ — 5 Things You Need To Know About Bitcoin This Week

BTC/USD 1 hour candlestick chart (Bitstamp).Source: Trading View

Binance’s internal token, Binance Coin (BNB), has also recovered from a temporary drop to near $250, its lowest level since November 22nd.

On social media, the old hands looked just as cool as they did in the episode.

“If you want to minimize the market impact on your BNB sales, I’m happy to buy it for $22!” Popular Trader Pentosi joked As “FUD” caused BNB/USD weakness.

BNB/USD 1 hour candlestick chart (Binance). Source: Trading View.

The views, thoughts and opinions expressed herein are those of the authors only and do not necessarily reflect or represent the views or opinions of Cointelegraph.