Binance Ethereum-based token withdrawals top $2B in 24 hours Binance Ethereum-based token withdrawals top $2B in 24 hours
Andrew Thurman reported that market makers like Jump Trading and Wintermute were among the accounts that withdrew funds in the last 24 hours.
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Updated: Dec. 13, 2022 at 5:59 pm UTC
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Binance recorded over $2 billion in outflows in Ethereum-based tokens since Dec. 12 –its highest daily withdrawal since June– according to Nansen data.
When Binance users’ withdrew assets this aggressively in June, the crypto market was reeling from Terra Luna’s collapse.
A separate tweet from the blockchain intelligence platform reported that the exchange recorded over $2.5 billion in withdrawals in the last 24 hours and has a negative netflow of $1.57 billion. The exchange had an inflow of around $935 million during this period.
Meanwhile, Binance has processed $6.6 billion in withdrawals on the seven days metrics. It saw $4.6 billion in inflows and has a negative netflow of $1.9 billion. Nansen noted that this was still less than the negative $2.3 billion weekly netflow Binance processed following the FTX collapse.
Market makers withdraw funds
Andrew Thurman reported that two market makers, Jump Trading and Wintermute, were among the accounts that withdrew funds in the last 24 hours. Thurman said Jump withdrew over $146 million in the past week and redeemed $245 million BUSD over the past month.
On the other hand, Wintermute withdrew nearly $10 million. Lookonchain reported that the market maker later sent $149.85M USDC to Binance –the last time it transferred to the exchange was 20 days ago.
Meanwhile, despite these withdrawals Conor Ryder, citing Kaiko data, said there was no change in Bitcoin liquidity on Binance.
Binance’s Nansen dashboard showed that its assets are worth $62.6 billion, with the majority in BUSD, Ethereum, Bitcoin, and Tether.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
$97,828.57
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Jump Crypto
Jump Crypto is a division of Jump Trading Group, a research-driven quantitative trading firm and one of the largest traders, by volume, across traditional asset classes.
Wintermute
Wintermute is a global algorithmic market maker in digital assets globally, in CeFi, DeFi, and OTC.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
