Following the news, Binance saw over $950 million in net outflows over the past 24 hours. “There are constant hourly net outflows of bitcoin and stablecoins after the CZ’s resignation announcement,” Hochan Chung, head of marketing at CryptoQuant, told CoinDesk. “However, compared to the total reserves of Binance, the current volume is not yet significant at all.” Binance is set to continue operating as usual and make a “complete exit” from the U.S market. The withdrawals are above average, but not unusually large on a weekly basis, an analysis of net hourly flows from CryptoQuant shows. Data from a Dune Analytics dashboard shows over $2.37 billion in various tokens left the exchange and some $1.78 billion in tokens were deposited.

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Author: Lyllah Ledesma, Omkar Godbole

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