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Net Outflow on Binance Reaches $392m in 24 Hours

Published

11 months ago

on

CZ Binance

The net outflow on Binance reaches $392 million in the last 24 hours, according to the CEO. CZ Binance tweets and says that “According to our data, last 24hrs, Binance net outflow is about $392m.”

This large outflow is due to the recent actions by SEC on Binance US.

CZ Binance also pointed out on few 3rd party analytics measures. He says, “Our wallet addresses are public. Some 3rd party analytics measure Change in AUM (asset under management) in USD equivalent as outflow. This would include crypto price drops (which decrease AUM) as “outflow”. They are 2 different things.”

Adding to this he says, “Some even only measure outflow, not inflows. On a sharp price movement day like today, many arbitrage traders move a lot of funds between exchanges, usually exponentially more than on normal days.”

Today the price of Bitcoin drops to $25,502, Ethereum to $1,721 and BNB to $233. Not only this many other top cryptocurrencies plunge as low as 25% today.

Polygon (MATIC), Cardano (ADA) and Solana (SOL) all fall by more than 20% after Robinhood announces to end support for these tokens.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

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Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.