- CryptoQuant CEO shares on-chain data on Binance reserves.
- The Co-founder of CryptoQuant stated that Binance’s BTC Reserve is up +24% Post-FTX’s Fall
- Ki Young Ju also did a comparison of the stablecoin reserves in Binance and FTX.
Ki Young Ju, the CEO and co-founder of CryptoQuant, gave his two cents on the whole Binance drama by sharing a few key analyses. Ju mentioned in a recent tweet that the BTC reserves of Binance dropped by 8% over the last two days.
However, the CEO of CryptoQuant clarified that Binance’s BTC reserves are up by 24% post-FTX collapse last month. Ju stressed the fact that he doesn’t see any “shady on-chain activities” for now.
Ju also did a comparison of the stablecoin reserves on Binance and FTX. The CryptoQuant co-founder stated that the FTX reserves doesn’t look organic with many inflows and outflows. Adding to his statement, the CEO of CryptoQuant also mentioned that the stablecoin reserves of FTX dropped by 93% a few days prior to the bank run.
Ju also stressed the disclaimer that he doesn’t have any relationship with Binance, just in case the crypto community might assume it is a promoted tweet. The FUD created by the Reuters article triggered billions of outflows from Binance. As per the data shared by Patrick, an on-chain analyst, over $5 billion was withdrawn from Binance yesterday.
Binance CEO Changpeng Zhao, aka CZ, recently tweeted that FUD brought a stress test, which will help build credibility for exchanges that pass the test. Zhao also added that if users want to hold their own coins, they can use TrustWallet, stressing the importance of keeping the private keys safe.
CZ stated that from day 1 of the Binance ICO, large exchanges have tried to create FUD about the exchange. Zhao also highlighted that, ever since then, Binance had learned to ignore the FUD and keep building.
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