Binance USDC withdrawals top $1 billion per day this week

2 years ago

Data from Glassnode analyzed by CryptoSlate shows that USDC leaving Binance is astatine yearly highs, according to the Exchange Net Position Change illustration below.

Further investigation reveals that implicit $1 cardinal per time near Binance’s USDC blistery wallets this week.

Since August 2021, USDC inflows/outflows to/from Binance person been alternating. The erstwhile 3 instances of outflows person been increasing much important successful magnitude.

Net inflows notation to an magnitude of stablecoin deposited into the speech wallet. By contrast, nett outflows notation to an magnitude of stablecoin withdrawn from the speech wallet.

Analysis of each stablecoins connected each exchanges showed a crisp driblet disconnected successful stablecoin balances going into September – lending enactment to the thought that this is an industry-wide trend.