BUSD worth $6.2B withdrawn from exchanges in 30 days News ▸ Binance ▸ Stablecoins
BUSD worth $6.2B withdrawn from exchanges in 30 days
Currently, $13.2 billion is sitting on exchanges, with the majority on Binance.
2 min read
Updated: Jan. 3, 2023 at 7:50 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
In the last 30 days, $6.2 billion worth of BinanceUSD (BUSD) was withdrawn from exchanges, according to Glassnode data as analyzed by CryptoSlate.
The chart below represents the exchange net position change of BUSD on exchanges. The green spikes indicate a BUSD inflow, while the red ones represent an outflow. According to the chart, BUSD outflows started in late November 2022 and surged massively throughout December 2022.
During this period, BUSD’s supply dropped below $20 billion for the first time since September 2022.
The Binance-backed stablecoin’s market cap declined by over 15% following a surge in withdrawals on the exchange. Crypto investors massively converted their BUSD holdings into other stablecoins like USD Coin (USDC) and Tether (USDT) as FUD was raised about Binance’s financial health.
In mid-Dec., Binance recorded unprecedented outflows from its reserves –at the peak of the FUD, it processed $6.6 billion in withdrawals over a seven days period.
Further analysis showed that $2 billion BUSD was withdrawn since Dec. 15. According to Glassnode data, the stablecoin supply shrunk to $16.42 billion from $18.64 billion as of press time.
Meanwhile, the above chart shows that BUSD’s balance on exchanges dipped below $16 billion. According to the chart, $13.2 billion is currently sitting on exchanges, with the majority on Binance.
Nansen’s data showed that over $11 billion BUSD sits on Binance –this is roughly 24% of the exchange’s $53.85 billion reserve. Another $26.83 million is currently on Crypto.com.
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Posted In: Binance, Stablecoins
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Oluwapelumi Adejumo
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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BUSD is a stablecoin issued by Paxos in partnership with Binance..
USD Coin
$0.99992
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Tether
$0.99929
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Ethereum
$3,155.60
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Crypto.com
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity.