According to Glassnode data analyzed by CryptoSlate, $6.2 billion worth of BinanceUSD (BUSD) has been withdrawn from exchanges over the past 30 days.
The chart below shows the change in BUSD’s net position on the exchange. Green spikes indicate BUSD inflows and red spikes represent outflows. According to the chart, the BUSD outflow began in late November 2022 and surged significantly throughout December 2022.
During this period, BUSD supply fell below $20 billion for the first time since September 2022.
The market cap of Binance-backed stablecoins has dropped by more than 15% after a surge in withdrawals on exchanges. A Crypto Investor Massively Converts His BUSD Holdings To Other Stablecoins Such As USD Coin (USDC) And Tether (USDT) As His FUD Is Raised Over Binance’s Financial Health Did.
In mid-December, Binance recorded an unprecedented capital outflow from its reserves. At the peak of FUD, in seven days he processed $6.6 billion in withdrawals.
Further analysis showed that 2 billion BUSD had been withdrawn since December 15th. According to Glassnode data, stablecoin supply has shrunk from $18.64 billion at the time of writing to $16.42 billion.
Meanwhile, the chart above shows BUSD’s exchange balance has fallen below $16 billion. According to the chart, there is currently $13.2 billion on exchanges, the majority of which is on Binance.