Cryptocurrency

Binance USDC withdrawals top $1 billion per day this week

According to the Exchange Net Position Change chart below, Glassnode data analyzed by CryptoSlate shows USDC leaving Binance at a yearly high.

Further analysis revealed that more than $1 billion per day was exfiltrated from Binance’s USDC hot wallet this week.

Since August 2021, there have been alternating inflows/outflows of USDC to Binance. The last three outflows have been of greater magnitude.

sauce: Glassnode.com

Net inflow refers to the amount of stablecoins deposited into exchange wallets. In contrast, net outflows refer to the amount of stablecoins withdrawn from exchange wallets.

After analyzing all stablecoins across all exchanges, we found a sharp drop in stablecoin balances in September. This supports the idea that this is an industry-wide trend.

Stablecoins leaving exchanges
sauce: Glassnode.com

The post of Binance USDC withdrawals surpassing $1 billion per day this week first appeared on CryptoSlate.

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