Nansen data shows nearly $600M in outflows at Binance, Coinbase Nansen data shows nearly $600M in outflows at Binance, Coinbase
Nansen said funds leaving Binance and Coinbase were much lesser than it observed 24 hours after Binance was sued by the SEC
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Updated: Jun. 7, 2023 at 5:50 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance and Coinbase have cumulatively seen net outflows of $597.2 million across all protocols during the last 24 hours, according to data from blockchain analytical firm Nansen.
A breakdown of the data showed that Binance and its U.S. subsidiary, Binance US, recorded a negative netflow of $491.9 million, while Coinbase saw $105.3 million.
“Netflow is the sum of what’s been deposited and what’s been withdrawn. If an exchange has a negative netflow, that means more assets are being withdrawn than what’s being deposited. And if an exchange has a positive netflow, then more assets are deposited into the exchange.”
Nansen stated that these withdrawals were lesser than observed 24 hours after the U.S. Securities and Exchange Commission (SEC) sued Binance on June 5. At the time, Nansen said Binance users withdrew over $3 billion across multiple chains from the platform, leading to a negative netflow of $1.43 billion.
Meanwhile, Binance US previously had a positive netflow of $78 million 24 hours after the SEC lawsuit, but the netflow turned negative after the regulator moved to freeze assets held by the U.S.-based firm. According to Nansen, withdrawals on Binance.US was $123.6 million as of 12:30 UTC.
This corroborates a previous CryptoSlate report that stated that Binance US customers’ withdrawals spiked after the SEC’s action.
Nansen also noted that Coinbase and Coinbase custody had negative netflows of $1.28 billion around the same period.
An on-chain analyst at 52hz ALERTS VENTURES, Louis N, opined that the data shows that the SEC-induced FUD does not have too much of an impact on Binance compared to the past.
Meanwhile, Binance and Coinbase said they would defend themselves against the SEC’s lawsuit in court. Several crypto stakeholders, including two U.S. senators, criticized the SEC’s approach toward the industry.
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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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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.