Data Reveals Billions in Crypto Exchange Outflows from Binance

Multiple data analytics platforms have reported billions of dollars in crypto outflows from Binance during the previous week, while the CEO of the cryptocurrency exchange, Changpeng Zhao, argues that this data may be misinterpreted.

Pioneering data analytics platforms including DefiLlama and Nansen have revealed that exchange outflows from Binance have grown during the past seven days, after the United States Securities and Exchange Commission (SEC) filed a lawsuit against the globally-renowned crypto exchange.

Nansen reports that $2.36 billion in net outflows from Binance were recorded over the past week, alongside $123.17 million flowing out of Binance.US. DefiLlama, on the other hand, measured a larger figure of $3.35 billion in outflows from the exchange, while Glassnode data reveals that Binance’s balance has decreased by 5.7% or nearly $1 billion over the past seven days.

Yet, Binance CEO Changpeng Zhao took to Twitter on June 10 to argue that the exchange data may be inaccurate or perhaps, misleading: “Some even only measure outflow, not inflows. On a sharp price movement day like today, many arbitrage traders move a lot of funds between exchanges, usually exponentially more than on normal days.” Zhao argues that inflows and outflows are normal during times of volatility.

Sources:

https://cointelegraph.com/news/binance-ceo-changpeng-zhao-address-billions-exchange-outflows

https://www.cryptopolitan.com/binance-ceo-responds-misleading-data-crypto/

https://www.coinspeaker.com/onchain-data-outflows-binance-cz/

https://twitter.com/cz_binance/status/1667554966662266883