Binance Sees Largest Bitcoin Withdrawal In Its History, BTC Rally Set To Benefit?

2022-12-14 21:57

The largest crypto exchange in the world, Binance has experienced the most significant Bitcoin withdrawal in its history, per recent data. The company might face a bank run as crypto investors’ confidence continues to decline following the collapse of trading venue FTX and a U.S. investigation into major crypto exchanges. 

At the same time, positive economic data from the U.S. is positively impacting the market. Bitcoin is back above its previous yearly lows. As of this writing, BTC’s price trades at $17,750 with a 4% and 5% profit in the last 24 hours and the previous week, respectively. 

Bitcoin Rally In Danger, Binance Makes A Stand

Data from on-chain analytic firm Glassnode, shared by Dylan LeClair, indicates that Binance has seen a massive withdrawal of 40,000 BTC in the last 24 hours. The outflows are almost double those seen in July 2021. 

At that time, the crypto market was experiencing a second capitulation event after hitting an all-time high north of $60,000. The cryptocurrency lost over 50% of its value from May to late July. 

In early November, the crypto exchange saw a significant outflow as FTX went belly up. However, the market seems more bearish on crypto exchanges now that at two of its worst sentiments, during the 2021 capitulation and the FTX collapse. 

In addition, the crypto exchange has experienced its worst stablecoin outflow since its inception. Additional data from LeClair indicates that Binance has seen $2.1 billion in outflows in the last 24 hours. There are $20 billion in stablecoin reserves. 

Overall, the exchange has enough funds to cover ten times its withdrawals, but the market sentiment is negative, and crypto investors’ confidence continues to dip. Changpeng “CZ” Zhao, CEO of Binance, welcomed the withdrawals and classified them as “stress testing”:

We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days, we have net deposits. Business as usual for us. I actually think it is a good idea to “stress test withdrawals” on each CEX on a rotating basis.

Bitcoin exchange outflows are often a bullish indicator. In the current context, with inflation declining and a potential U.S. Federal Reserve (Fed) pivot, the perception around outflows changed. 

However, there is less Bitcoin on exchanges, regardless of market sentiment. The less the BTC supply on these venues, the more support for a market rally. 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 275.71 (-100%)

history crypto largest bitcoin binance withdrawal confidence

history crypto → Результатов: 126


Фото:

With So Many Crypto Exchange Hacks In 2022, Is Trading Still Safe?

Cryptocurrency exchanges are the most popular platforms for traders looking to buy and sell different tokens, as they make it easy to swap assets in seconds. However, history has shown that crypto exchanges are big targets for hackers and have become even more tempting as the value of cryptocurrency rises. Hackers love to target crypto […]

2022-11-30 18:36


How To Do Your KuCoin Taxes – Get KuCoin Transaction History For Tax Purposes

Kucoin provides a wide range of crypto services and you need to pay taxes on every one of them, be it trading, buying, selling, staking etc. Creating a Kucoin tax report is not that hard, especially if you use specialized crypto tax calculators that help you get Kucoin trading history and manipulating that data to […] The post How To Do Your KuCoin Taxes – Get KuCoin Transaction History For Tax Purposes appeared first on CaptainAltcoin.

2022-11-5 15:16


Фото:

Pro discusses semiconductor stocks outlook post Ethereum Merge

Ethereum (ETH/USD), successfully hit the Merge earlier Thursday to mark one of the biggest events in crypto history since the launch of Bitcoin over a decade ago. The switch from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS) network mechanism comes with multiple benefits for the Ethereum network (Invezz analyst Dan Ashmore gives a great […] The post Pro discusses semiconductor stocks outlook post Ethereum Merge appeared first on Invezz.

2022-9-16 22:16


Crypto Fest 2022: Looking Up to Post-Winter Opportunities

Conflict in Europe and skyrocketing interest rates in the US have put cryptocurrencies in the midst of one of the worst market crashes in the technology’s history. Bitcoin and Ethereum dropped more than 70 percent since the peak of last year’s bull run, while several high-profile crypto companies shut their doors as the size of … Continued The post Crypto Fest 2022: Looking Up to Post-Winter Opportunities appeared first on BeInCrypto.

2022-8-27 01:10


Фото:

Ethereum merge could create a risk-free rate for DeFi

Well, well, well. It finally seems like we will have our ETH Merge. September 15th is now the day that is slated for the biggest change in Ethereum’s 7-year history. Ethereum co-founder and crypto god Vitalik Buterin has stated that the upgrade will eventually enable the network to facilitate an eye-watering 100,000 transactions per second […] The post Ethereum merge could create a risk-free rate for DeFi appeared first on Invezz.

2022-8-17 20:29