Huge $3,200,000,000 in Stablecoins Quit Crypto Exchange Binance in 30 Days: Analyst Firm Glassnode

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Leading analytics firm Glassnode claims billions of dollars worth of stablecoins are being withdrawn from leading crypto exchange Binance.

Glassnode reports that Binance saw $3.2 billion in combined Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI) outflows over a 30-day period.

Source: Glassnode/Twitter

Based on the Glassnode chart, net outflows of dollar-pegged crypto assets from Binance this month appear to be the highest stablecoin outflow rate in nearly three years.

Traders and investors have pulled crypto assets from digital asset exchanges in the wake of the high-profile collapse of FTX amid fears that centralized entities operating in the space may face solvency issues.

Looking at Bitcoin, Glassnode says Binance saw its biggest net Bitcoin (BTC) outflow on December 13.

“We can see more volatility in Binance exchange balances through December.

If we look at the inflows/outflows of BTC, we can see that there have been significant pullbacks lately.

December 13 saw 57,300 BTC in outflow, and Binance’s largest net outflow of BTC in history.

Source: Glassnode/Twitter

The analytics firm also reports that over $544.56 million worth of Ethereum (ETH) was withdrawn from the major crypto exchange on the same day.

“Binance flows for ETH are more stable and relatively ‘typical’.

That said, we are still seeing a very large one-day outflow of 456,700 ETH on December 13th.

It is important to note that the entire industry has seen a shift towards self-custody post-FTX.

Source: Glassnode/Twitter

At the time of writing, Bitcoin is trading for $16,738, while ETH is changing hands for $1,191.

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Feature image: Shutterstock/Aleksandr Kukharskiy

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