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 5

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.

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 In contrast, Net outflow refers to an amount of stablecoin withdrawn from an exchange wallet.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 6

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

Source: CoinMarketCap

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.