Crypto Exchanges Experience Significant Outflows and Decreased Volumes

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Top 10 Cryptocurrency Exchanges Experience Substantial Outflows Amid Rising FUD Surrounding Binance and Coinbase

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In the past week, both Binance and Coinbase faced legal action from the US Securities and Exchange Commission (SEC), resulting in a widespread sell-off across the global cryptocurrency market. However, the current state of affairs indicates a return to stability as market conditions appear to have normalized.
Based on on-chain data from Glassnode, the leading crypto assets, namely bitcoin (BTC), ethereum (ETH), and tether (USDT), have experienced significant outflows amounting to over $4.6 billion in the past week. This notable movement of funds highlights the shifting dynamics within the cryptocurrency market.

Furthermore, the outflows of BTC and USDT stand at $806 million and $869 million respectively, according to Glassnode. In contrast, Ethereum has recorded net flows of approximately $3 billion during the past week, as reported by Glassnode. These figures from Glassnode’s data underscore a significant sell-off in response to the legal actions taken by the US SEC against the top two cryptocurrency exchanges.

Additionally, according to CoinMarketCap (CMC) data, the 24-hour trading volumes of the top 10 cryptocurrency exchanges have experienced a substantial decline in the past day. Binance and Coinbase, in particular, witnessed significant drops of 22% and 33% respectively, reflecting a notable decrease in trading activity on these platforms.

Top 10 crypto exchanges – June 12 | Source: CoinMarketCap

Also Read This: SEC Lawsuits Against Binance and Coinbase Spark Unity in the Crypto Industry

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As per CMC’s data, Bitstamp and Bitfinex experienced the most significant declines in trading volumes among the top 10 exchanges, with drops of 40% and 42% respectively. Notably, the global crypto trading volume reached nearly $50 billion on June 6, and subsequently surged even further to over $54.6 billion on June 11.

However, within the past 24 hours, the volume has plummeted to $27.6 billion, reflecting an approximate 50% decrease. These figures indicate a considerable fluctuation in trading activity within a short span of time.

The significant drop in global crypto trading volume indicates that the mass sell-off phase may have come to a conclusion. The decrease in trading activity suggests a potential stabilization in the market as investors have potentially finished offloading their assets. It remains to be seen how the market will evolve from this point forward.

Also Read This: SEC’s Strength to be Reinforced if Lawsuit Against Binance and Coinbase Succeeds

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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