Glassnode data analyzed by crypto slate Major exchange Binance has offloaded $137 million worth of Bitcoin (BTC) in the last 24 hours.
During that time, about $32 million worth of Ethereum (ETH), $300 million worth of USD Coin (USDC), and $200 million worth of Binance USD (BUSD) and Tether (USDT) were withdrawn. The total withdrawal amount is equivalent to over $860 million.
Given that BTC is currently on an upward trajectory, Binance losses are likely to increase depending on the BTC price. At the time of writing, BTC is trading around $17,390. BTC gained 0.14% over the past hour, according to CryptoSlate data. It also recorded spikes of 1.37% and 1.14% over the last 24 hours and 7 days respectively.
Binance suspends USDC withdrawals
On December 13th, Binance CEO Changpeng Zhao (CZ) tweeted that the exchange had temporarily suspended USDC withdrawals.
CZ explained that there has been a recent increase in USDC withdrawals on Binance. CZ said the exchange would need to visit the bank to provide the withdrawal request, as the exchange converts them one-for-one.
He said withdrawals were suspended not because the exchange lacked resources, but because the bank was slow to fulfill Binance’s withdrawal request.
A large-scale transfer that caught the eye
TRON DAO CEO Justin Sun said: payment Donated $100 million to Binance to help with Binance’s liquidity crisis.
Sun withdrew $34 million worth of BUSD and $15.4 million worth of USDT from Binance on December 13th. Sun reportedly transferred these funds to Paxos and Circle to cash out, saying these transactions were “just a normal business collaboration.”
Meanwhile, according to Crypto Reporter, kure blockchainWintermute reportedly withdrew $153 million worth of USDC from Coinbase, of which about $150 million was transferred to Binance.