- Binance had net outflows of $2.3 billion for the week
- These are the exchange’s multichain assets (excluding BTC)
- Coinbase had net outflows of $1.787 billion
Binance’s multichain assets (excluding BTC) had net outflows of over $2.3 billion in the past 7 days. Binance US had a net outflow of $124 million.
The Coinbase platform had a net outflow of $1.7 billion.. At the same time, custody exchange Coinbase Custody recorded $739 million in outflows.
The cryptocurrency exchange Binance itself is not glossing over the situation.. Changpeng Zhao posted a series of tweets on the subject. So, in the last 24 hours, the platform has recorded a net outflow of about $392 million.
CZ also urged analysts to analyze metrics more accurately. Some measure the change in AUM (assets under management) in dollar terms as an outflow of. However, the recent drop in cryptocurrency prices has reduced AUM, but it does not count as an “outflow”. These are different things.
Zhao also reminded us to consider not only outflows, but also inflows. On days of high volatility, traders actively move crypto between different platforms, which increases churn.
There was carnage in the market over the weekend, with many altcoins losing a third of their price and more. This led to a drop in the capitalization of the crypto market to $1.05 trillion.