According to a Nov. 22 post, despite withdrawals continuing, Nansen is not seeing a mass exodus of funds.
Among withdrawals, including a $17 million negative netflow, there were more outflows than inflows earlier in the day.
An uptick in holdings
At the same time, the blockchain analytics firm has seen noteworthy growth, rising from $64.6 billion to $65.2 billion, factoring in both outflows and price fluctuations during this period.
— Nansen 🧭 (@nansen_ai) November 22, 2023Here's our latest update on @binance, 12 hours after our previous one
At the time of writing, withdrawals are continuing, and we're not seeing a mass exodus of funds
Over the past hour on Ethereum, Binance has a $17M negative netfow (more leaving the exchange than what's… pic.twitter.com/yQPtMl5ue8
Analyzing the changes in token holdings within Binance’s top assets over the same timeframe, Nansen also calls out several trends, including. USDT saw a decrease of $246 million, while Bitcoin holdings declined by $76 million. On the flip side, ETH holdings registered an increase of $196 million, BNB holdings grew by $97 million, and AETH holdings saw a rise of $59 million. Other stablecoins like TUSD and XRP maintained stability in their holdings.
Notably, SOL, LINK and SHIB holdings experienced positive shifts with increases of $34 million, $27 million and $12 million, respectively. However, USDC and BUSD holdings decreased by $39 million and $11 million respectively, while MATIC holdings increased by $14 million.
A reflection of negative sentiment
This data comes amid what was earlier reported as a turbulent start to the week for the cryptocurrency industry, triggered by the U.S. Securities and Exchange Commission (SEC) initiated legal action against the Kraken exchange and the U.S. Department of Justice (DOJ) announced criminal charges against Binance and its CEO, Changpeng Zhao.
Crypto prices as a whole witnessed a downturn as part of the recent news, with the global market cap contracting by 3% in the last 24 hours, falling below the $1.4 trillion threshold.