Binance USDC withdrawals top $1 billion per day this week
Further analysis reveals stablecoin exchange withdrawals is a current industry-wide pattern.
Data from Glassnode analyzed by CryptoSlate shows that USDC leaving Binance is at yearly highs, according to the Exchange Net Position Change chart below.
Further analysis reveals that over $1 billion per day left Binance’s USDC hot wallets this week.
Since August 2021, USDC inflows/outflows to/from Binance have been alternating. The previous three instances of outflows have been growing more significant in magnitude.
Net inflows refer to an amount of stablecoin deposited into the exchange wallet. By contrast, net outflows refer to an amount of stablecoin withdrawn from the exchange wallet.
Analysis of all stablecoins on all exchanges showed a sharp drop off in stablecoin balances going into September – lending support to the idea that this is an industry-wide trend.