Major Crypto Exchanges Experience Significant Net Outflows
In Brief
The top 10 cryptocurrency exchanges briefly experienced negative net flows after the SEC lawsuit against Binance and Coinbase. The situation seems to have returned back to normal.
Crypto exchanges in the top ten have seen large net outflows due to worries about Binance and Coinbase. These apprehensions were largely due to the U.S. SEC filing lawsuits against Binance and Coinbase last week, leading to a substantial sell-off in the global cryptocurrency market. Currently, however, the situation appears to be stabilizing.
On-chain data from Glassnode revealed that the leading three cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), and tether (USDT), have seen more than $4.6 billion in outflows over the past week. BTC and USDT experienced outflows of $806 million and $869 million respectively, while Ethereum experienced net flows of approximately $3 billion.
The data from Glassnode indicates a massive sell-off, coinciding with the SEC’s legal action against the two major crypto exchanges. CoinMarketCap data further demonstrates that the 24-hour trading volumes of the top ten crypto exchanges have significantly declined in the last day. Binance and Coinbase, in particular, saw a drop of 22% and 33% respectively.
Crypto Exchanges
Among the top ten exchanges, Bitstamp and Bitfinex’s trading volumes experienced the most substantial decrease, at 40% and 42% respectively, according to CMC.
On June 6, the global cryptocurrency trading volume surged to nearly $50 billion and rose to more than $54.6 billion on June 11. However, the current volume is approximately $27.6 billion, indicating a nearly 50% decline within the past 24 hours.
This reduction in global crypto trading volume could imply the possible end of the mass sell-off.
Read more:
- Top 10 Crypto Exchanges in Korea
- Top Crypto Exchanges Without KYC in 2023
- Top 10 Crypto Exchanges in India for 2023: Review
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
More articles
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
