According to Glassnode, user deposits in bitcoin have fallen from 614,800 VTC to 592,450 VTC in the past 30 days. During the same period, on-air deposits decreased from 4.35 million ETH to 4.16 million ETH. Deposits in Tether stabelcoins showed an even greater decline – by 9.45%. Thus, the balance of USDT on Binance decreased by $1.61 billion to $15.47 billion.
Glassnode experts note that the decline in Binance reserves in the major crypto-assets by capitalization demonstrates a gradual decline in user confidence in the cryptocurrency platform.
According to analysts Glassnode, the negative sentiment of crypto-investors was a consequence of uncertainty about the future format of Binance activities in the United States. The reason was the ongoing prosecution of the platform by the Securities and Exchange Commission (SEC) and claims by the Commodity Futures Trading Commission (CFTC).
Earlier, Binance chief Changpeng Zhao criticized U.S. and European regulators for prosecuting his exchange, saying the problem with bribes is the bribes themselves, not the currency through which they are made.