Leading analytics firm Glassnode says billions of dollars worth of stablecoins are being withdrawn from top crypto exchange Binance.
Glassnode says that Binance has witnessed $3.2 billion in combined outflows of Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) in a 30-day period.
Based on Glassnode’s chart, Binance’s net outflows of dollar-pegged crypto assets this month appear to be the highest rate of stablecoin withdrawal in nearly three years.
Traders and investors have been taking off crypto assets from digital asset exchanges following the high-profile collapse of FTX amid fears that centralized entities operating in the space could be facing solvency issues.
Looking at Bitcoin, Glassnode says that Binance saw its largest Bitcoin (BTC) net outflow on December 13th.
“We can see greater volatility in Binance exchange balances through December.
If we look to BTC inflow/outflows, we can see there have been significant withdrawals of late.
13-Dec recorded 57,300 BTC in outflows, and the largest net BTC outflow from Binance in history.”
The analytics firm also says that more than $544.56 million worth of Ethereum (ETH) has been taken off the leading crypto exchange on the same day.
“Binance flows for ETH are more stable, and are relatively ‘typical’.
That said, we still see a very large one-day outflow of 456,700 ETH on 13-Dec.
It is important to note that the entire industry has seen a shift towards self-custody post-FTX.”
At time of writing, Bitcoin is trading for $16,738, while ETH is changing hands for $1,191.
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