USDC Leaving Binance Reaches $1 Billion Per Day

Data from Glassnode shows that USDC departure from Binance is at a yearly high.
USDC Leaving Binance Reaches $1 Billion Per Day

Further analysis shows that over $1 billion has left Binance’s USDC hot wallet daily this week.

As of August 2021, USDC in/outflow to/from Binance has been rotated. According to the Exchange Net Position Change chart, the previous three cash flow instances are increasing significantly more in degree.

USDC Leaving Binance Reaches $1 Billion Per Day
Source: Glassnode.com

Net inflow is an amount of stablecoin deposited into an exchange wallet. In contrast, Net outflow refers to an amount of stablecoin withdrawn from an exchange wallet.

Analysis of all stablecoins across all exchanges shows that stablecoin balances fell sharply in September – supporting the opinion that this is an industry-wide trend.

USDC Leaving Binance Reaches $1 Billion Per Day

According to CoinMarketCap, the 2nd largest stablecoin by market capitalization is declining daily trading volume.

Screen Shot 2022 09 02 at 3.41.42 PM
Source: CoinMarketCap

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

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Harold

CoinCu News

USDC Leaving Binance Reaches $1 Billion Per Day

Data from Glassnode shows that USDC departure from Binance is at a yearly high.
USDC Leaving Binance Reaches $1 Billion Per Day

Further analysis shows that over $1 billion has left Binance’s USDC hot wallet daily this week.

As of August 2021, USDC in/outflow to/from Binance has been rotated. According to the Exchange Net Position Change chart, the previous three cash flow instances are increasing significantly more in degree.

USDC Leaving Binance Reaches $1 Billion Per Day
Source: Glassnode.com

Net inflow is an amount of stablecoin deposited into an exchange wallet. In contrast, Net outflow refers to an amount of stablecoin withdrawn from an exchange wallet.

Analysis of all stablecoins across all exchanges shows that stablecoin balances fell sharply in September – supporting the opinion that this is an industry-wide trend.

USDC Leaving Binance Reaches $1 Billion Per Day

According to CoinMarketCap, the 2nd largest stablecoin by market capitalization is declining daily trading volume.

Screen Shot 2022 09 02 at 3.41.42 PM
Source: CoinMarketCap

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

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