Nansen: Binance Net Outflows Recorded $2.36 Bln in 7 Days

At a time when rumors are increasingly spread about the outflows from Binance, CEO Changpeng Zhao said it may not be as bad as it appears. 

Prominent crypto analytics platforms, including Nansen and DeFiLlama, have estimated the growing exchange outflows from Binance over the past seven days aftermath of the US Securities and Exchange Commission (SEC)’s accusations against Binance during the past week of unregistered securities and acting as an unregistered securities broker among other charges, Cointelegraph reported. 

Nansen reported that Binance saw a net outflow of $2.36 billion over the past seven days along with $123.7 million flowing out of Binance US. While DeFiLlama estimated larger outflows out of Binance at $3.35 billion. Meanwhile, Glassnode, a blockchain data and intelligence platform, said that the leading exchange’s balances decreased by around $1 billion, 5.7%, over the past seven days. 

For his part, Zhao pointed out that some of these outflow data can be skewed by the analytics platforms as they measure the change in assets under management as outflows, which would include times when crypto prices decline.

“Our wallet addresses are public. Some 3rd party analytics measure Change in AUM (asset under management) in USD equivalent as outflow. This would include crypto price drops (which decrease AUM) as “outflow”. They are 2 different things,” he tweeted. 

He compared the outflows that happened on June 9, which he estimated at $392 million to the outflows that occurred in one day in November which reached $7 billion, adding large inflows and outflows are normally expected during times of volatility.

Since June 6, following the US SEC’s lawsuits against Binance and Coinbase, the crypto market capitalization declined by more than 7% or more than $80 billion, according to CoinGecko. While trading on the top three decentralized exchanges (DEX) hiked 444% over the past 48 hours, following the lawsuits.