- Panic began after the SEC lawsuit against Binance and only intensified on Tuesday, June 6
- The stock exchange has “dropped” by more than 12% as of June 7
- An extensive investigation is underway against Coinbase in the United States
- The exchange risks facing sanctions and even losing its business completely in some states
Nansen reports that the cryptocurrency exchange Coinbase had a net outflow of funds of $600 million in June 5-6. The panic among the platform’s customers was caused by a lawsuit from the SEC, which could “put an end” to the company’s entire business in the United States.</nbsp;
According to the onchain statistics, during the 24 hours from June 5 to 6 on Coinbase deposits totaling $771 million were made.. Outflows for the same period amounted to $1.38 billion.. And this is only data on BTC accounts. The real “drawdown” of liquidity can be much more. As Nansen’s statistics show, the outflows took place in two waves – on Monday, after the lawsuit against Binance, and on Tuesday:
With that said, net outflows on Binance exceeded $700 million by the end of the day June 5. Today, June 7, this trend is likely to continue, as the SEC has demanded the immediate seizure of the funds of the exchange and its CEO. Coinbase shares have significantly “sagged”. At the time of writing, this position is trading at a minus of 12.09%.. Recall that a large-scale investigation is being conducted against the exchange in connection with violations of the securities law.