- Post FTX, Binance suffered a total net flow of 78,744 BTC, $1.3 billion in one week.
- In the recent CFTC lawsuit, Binance experienced a daily BTC outflow of $125M.
- However, stablecoin flow decreased remarkably from $24.5B to only $10.7B.
Leading data analytics firm CryptoQuant has analyzed the impact of FUDs and regulatory scrutiny on the Binance crypto exchange, examining the net outflows of Bitcoin (BTC), Ethereum (ETH), and stablecoins during three distinct stress-test periods in the last five months.
According to CryptoQuant, the first stress-test period was due to regulatory FUD after FTX collapsed in November, resulting in a net flow of 40,353 BTC in one day, equivalent to $660 million, and a total net flow of 78,744 BTC or $1.3 billion in a week. On the other hand, the highest net flow of ETH was only $33 million.
The second stress-test period was triggered in February by an announcement from Paxos, the issuer of the Binance USD stablecoin. It caused a net withdrawal of 5,027 BTC in a day, about $110 million.
In the most recent lawsuit from the Commodity Futures Trading Commission (CFTC), Binance experienced a daily net flow of 4,505 BTC, approximately $125 million. However, the net follow of ETH was significantly higher at $137 million.
Interestingly, Binance’s net flows of stablecoins decreased remarkably from $24.5 billion in December 2022 to only $10.7 billion in March. CryptoQuant noted that despite these stress-test periods, Binance’s reserves of BTC and ETH have remained healthy.
Furthermore, the report claimed that BTC reserves have grown from 509k in December to 581k, while ETH reserves stand at 4.48 million, compared to a low of 4.42 million in late 2022.