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.

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

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.

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

50 minutes ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

56 minutes ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

1 hour ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

2 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

3 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

4 hours ago

This website uses cookies.