Binance Exchange's Health After the CFTC Lawsuit
CQ's research team assessed the behavior of Binance net-outflows and reserves of $BTC, $ETH, and Stablecoins in three recent stress-test periods.
- Regulatory FUD after FTX Collapse
- Paxos' announcement
- CFTC lawsuit
Thread🧵
CQ's research team assessed the behavior of Binance net-outflows and reserves of $BTC, $ETH, and Stablecoins in three recent stress-test periods.
- Regulatory FUD after FTX Collapse
- Paxos' announcement
- CFTC lawsuit
Thread🧵
1/ #Bitcoin
Regulatory FUD
A netflow of -40,353 BTC in a day and total netflows of -78,744 BTC in a week.
Paxos' announcement
The largest daily netflow was on Feb 12th for -5,027 BTC.
CFTC lawsuit
A daily netflow of -4,505 BTC.
They have remained inside historical ranges.
Regulatory FUD
A netflow of -40,353 BTC in a day and total netflows of -78,744 BTC in a week.
Paxos' announcement
The largest daily netflow was on Feb 12th for -5,027 BTC.
CFTC lawsuit
A daily netflow of -4,505 BTC.
They have remained inside historical ranges.
2/ #Ethereum
Regulatory FUD
The highest daily netflow was -278k ETH.
Paxos' announcement
The daily netflow was -79,706 ETH
CFTC lawsuit
A daily netflow of -76,146 ETH
They have remained inside historical ranges.
Regulatory FUD
The highest daily netflow was -278k ETH.
Paxos' announcement
The daily netflow was -79,706 ETH
CFTC lawsuit
A daily netflow of -76,146 ETH
They have remained inside historical ranges.
3/ #Stablecoins
In the case of Stablecoins netflows, On-chain data shows netflows of -$871M on Dec 12th, a daily-high outflow of $671M in February (although total netflows during that month were lower than in Dec 2022), and almost -$1B in March since the CFTC lawsuit.
In the case of Stablecoins netflows, On-chain data shows netflows of -$871M on Dec 12th, a daily-high outflow of $671M in February (although total netflows during that month were lower than in Dec 2022), and almost -$1B in March since the CFTC lawsuit.
4/ BTC, ETH #Reserves
$BTC and $ETH reserves have remained at healthy levels even after these periods of high net outflows.
- BTC reserves have grown from 509k in Dec 2022 to 581k currently.
- ETH reserves stand at 4.48M, compared to a low of 4.42M back in Dec 2022.
$BTC and $ETH reserves have remained at healthy levels even after these periods of high net outflows.
- BTC reserves have grown from 509k in Dec 2022 to 581k currently.
- ETH reserves stand at 4.48M, compared to a low of 4.42M back in Dec 2022.
5/ Stablecoins #Reserves
In the case of stablecoins, reserves at Binance have been decreasing significantly, from $24.5 billion in December to $10.7 billion today. This has been mostly the result of a decrease in $BUSD reserves, which accelerated after Paxos' announcement.
In the case of stablecoins, reserves at Binance have been decreasing significantly, from $24.5 billion in December to $10.7 billion today. This has been mostly the result of a decrease in $BUSD reserves, which accelerated after Paxos' announcement.
6/ #Exchange #Flows and #Depositing #Transactions
Further assessments on Binance in terms of Exchange-to-Exchange Flows, and User Depositing Transactions are also available on our real-time live dashboards.
@binance @cz_binance
Dashboard👇
cryptoquant.com/analytics/dash…
Further assessments on Binance in terms of Exchange-to-Exchange Flows, and User Depositing Transactions are also available on our real-time live dashboards.
@binance @cz_binance
Dashboard👇
cryptoquant.com/analytics/dash…
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