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News

Binance’s Whopping $64B On-Chain Balance Revealed By Nansen Data

March 29, 2023 - Around 2 mins mins to read

Key Points:

  • Despite charges of violating federal law and allegations of asset shuffling, Binance’s on-chain balance remains high at $64 billion.
  • Binance’s largest holdings are USDT, BTC, ETH, BUSD, and BNB, which make up roughly 81% of the crypto exchange’s total balance at press time.
  • Recent allegations from the U.S. Commodity Futures Commission against Binance and its founder Changpeng Zhao “should be a slap on the wrist,” according to Fundstrat analyst Walter Teng.
Binance’s on-chain balance remains high at $64 billion. This is a reassuring display of asset backing and strength, which may cushion outflows from the exchange.
Binances Whopping 64B On Chain Balance Revealed By Nansen Data

Concerns have been raised about a repeat of FTX’s mysterious late-night outflows, but without recursive leverage using BNB BUSD, it is tough to imagine there will be a force unwind.

Binance’s largest holdings are USDT, BTC, ETH, BUSD, and BNB, which make up roughly 81% of the crypto exchange’s total balance at press time. This is a promising sign for the platform’s stability, as it shows that the majority of its assets are in reliable and established cryptocurrencies.

While BNB has seen over $600 million in customer token outflows, this figure is still relatively lower than when BUSD-issued Paxos was sued by the U.S. Securities and Exchange Commission earlier this year. This suggests that the market has not completely lost faith in BNB, despite the recent allegations and charges against the platform.

Fundstrat analyst Walter Teng believes that the recent allegations from the U.S. Commodity Futures Commission against Binance and its founder Changpeng Zhao “should be a slap on the wrist.” This indicates that the charges may not have as significant an impact on Binance’s reputation or performance as some initially feared.

Binance’s on-chain portfolio shows the amount of capital people hold on the world’s largest exchange by transaction volume. This is a positive sign for the platform’s stability and suggests that investors and traders still have confidence in Binance’s ability to weather regulatory challenges.

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 us to keep track of news: https://linktr.ee/coincu

Annie

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Binance’s Whopping $64B On-Chain Balance Revealed By Nansen Data

Key Points:

  • Despite charges of violating federal law and allegations of asset shuffling, Binance’s on-chain balance remains high at $64 billion.
  • Binance’s largest holdings are USDT, BTC, ETH, BUSD, and BNB, which make up roughly 81% of the crypto exchange’s total balance at press time.
  • Recent allegations from the U.S. Commodity Futures Commission against Binance and its founder Changpeng Zhao “should be a slap on the wrist,” according to Fundstrat analyst Walter Teng.
Binance’s on-chain balance remains high at $64 billion. This is a reassuring display of asset backing and strength, which may cushion outflows from the exchange.
Binances Whopping 64B On Chain Balance Revealed By Nansen Data

Concerns have been raised about a repeat of FTX’s mysterious late-night outflows, but without recursive leverage using BNB BUSD, it is tough to imagine there will be a force unwind.

Binance’s largest holdings are USDT, BTC, ETH, BUSD, and BNB, which make up roughly 81% of the crypto exchange’s total balance at press time. This is a promising sign for the platform’s stability, as it shows that the majority of its assets are in reliable and established cryptocurrencies.

While BNB has seen over $600 million in customer token outflows, this figure is still relatively lower than when BUSD-issued Paxos was sued by the U.S. Securities and Exchange Commission earlier this year. This suggests that the market has not completely lost faith in BNB, despite the recent allegations and charges against the platform.

Fundstrat analyst Walter Teng believes that the recent allegations from the U.S. Commodity Futures Commission against Binance and its founder Changpeng Zhao “should be a slap on the wrist.” This indicates that the charges may not have as significant an impact on Binance’s reputation or performance as some initially feared.

Binance’s on-chain portfolio shows the amount of capital people hold on the world’s largest exchange by transaction volume. This is a positive sign for the platform’s stability and suggests that investors and traders still have confidence in Binance’s ability to weather regulatory challenges.

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 us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

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