The Right Place to Buy, Exchange and Borrow against Your Crypto.

Get Started
Binance USDC withdrawals top $1 billion per day this week Binance USDC withdrawals top $1 billion per day this week

Binance USDC withdrawals top $1 billion per day this week

Further analysis reveals stablecoin exchange withdrawals is a current industry-wide pattern.

Binance USDC withdrawals top $1 billion per day this week

Cover art/illustration via CryptoSlate

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.

USDC Net Change Position
Source: Glassnode.com

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 By contrast, net outflows refer to an amount of stablecoin withdrawn from the exchange wallet.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.

Stablecoins leaving exchanges
Source: Glassnode.com

Read Our Latest Market Report

Connect your wallet, trade with Orion Swap Widget.

Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.