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Binance net flows remain reasonable amidst withdrawal surge.
On December 11th, Binance froze withdrawals on some accounts that were profiting from irregular price movements on the exchange, which was then determined to just be market behavior. The intervention raised eyebrows at the power CEXs have over client funds.
The exchange then got hit with a surge in USDC withdrawals, which it had trouble processing due to the need for liquidity by swapping PAX or BUSD for more USD Coin during non-banking hours.
While there was over $6b in outflows from Binance addresses on the Ethereum network alone on December 13th, there was also $6b of inflow activity, leaving the net flow at only -$245m. Both inflows & outflows were higher than normal throughout the week.
This does not even mark the lowest net flow for the month, as withdrawals exceeded deposits by over $1 billion on November 24th.
The lowest net flow of the week was on December 12th at -$829 million.
On December 11th, Binance froze withdrawals on some accounts that were profiting from irregular price movements on the exchange, which was then determined to just be market behavior. The intervention raised eyebrows at the power CEXs have over client funds.
The exchange then got hit with a surge in USDC withdrawals, which it had trouble processing due to the need for liquidity by swapping PAX or BUSD for more USD Coin during non-banking hours.
While there was over $6b in outflows from Binance addresses on the Ethereum network alone on December 13th, there was also $6b of inflow activity, leaving the net flow at only -$245m. Both inflows & outflows were higher than normal throughout the week.
This does not even mark the lowest net flow for the month, as withdrawals exceeded deposits by over $1 billion on November 24th.
The lowest net flow of the week was on December 12th at -$829 million.