• Binance has experienced an unprecedented net outflow of stablecoins, according to a Glassnode report.
• According to the report, investors are pulling out $295 million worth of stablecoins from Binance every day.
• Bitcoin and Ethereum remain largely unaffected by the stablecoin outflows on Binance.
Binance’s Record $295M Daily Stablecoin Outflow
Binance has recently been thrust into the limelight due to CFTC’s legal action against them as well as an unprecedented net outflow of stablecoins.
Glassnode Uncovers Unprecedented Stablecoin Outflow from Binance
According to a recent report by Glassnode, the net flow volume of stablecoins from Binance has surged to a staggering $295 million per day. This level of net stablecoin outflow is unprecedented on the network.
Bitcoin & Ethereum Remain Steady Amidst Stablecoin Outflows on Binance
Interestingly, there were no significant outflows recorded for Bitcoin (BTC) and Ethereum (ETH). Recent figures from Glassnode indicate that the exchange has seen an increase in positive inflows of Bitcoin.
CFTC Lawsuit Against Binance
The Commodity Futures Trading Commission’s (CFTC) lawsuit against Binance has sent shockwaves through the crypto market. Such developments have ignited questions regarding the security and stability of B