Staggering $3,200,000,000 in Stablecoins Exit Crypto Exchange Binance in 30 Days: Analytics Firm Glassnode

Major analytics firm Glassnode says billions of dollars worth of stablecoins are being withdrawn from crypto exchange Binance.

According to Glassnode, Binance witnessed a $3.2 billion outflow in 30 days, including Tether (USDT), US Dollar Coin (USDC), Binance USD (BUSD) and Dai (DAI).

Based on Glassnode charts, Binance’s net outflow of dollar-pegged crypto assets this month appears to be the highest stablecoin withdrawal rate in nearly three years.

Traders and investors are pulling crypto away from digital asset exchanges following the high-profile FTX debacle, rather than centralized entities operating in the space facing solvency issues. There is growing concern that

Looking at Bitcoin, Glassnode says Binance saw the biggest Bitcoin (BTC) net outflow on December 13th.

We can see that the volatility of Binance exchange balances has increased until December.

Looking at the inflow/outflow of BTC, we can see that there have been quite a few withdrawals recently.

57,300 BTC outflow was recorded on December 13th, marking the largest ever net BTC outflow from Binance. ”

The analytics firm also said more than $544.56 million of Ethereum (ETH) was withdrawn from major cryptocurrency exchanges on the same day.

Ethereums Binance Flow is more stable and relatively typical.

That said, we see a very large outflow of 456,700 ETH in a single day on December 13th.

It’s important to note that the industry as a whole is seeing a shift towards self-management after FTX.

At the time of writing, Bitcoin is trading at $16,738 while ETH is trading at $1,191.

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