Analyst: No signs of a bank run on Binance

Odaily星球日报 · 2023-03-29T12:55:03.000Z

Odaily Planet Daily reported that according to data collected by The Block Research, since the CFTC sued Binance on March 27, the outflow of the Binance cryptocurrency has reached 2.2 billion US dollars (about 45 hours), partly due to the third day after the news was released. An initial wave of small withdrawals occurred within an hour. During the same period, $1.3 billion in cryptocurrency was sent to Binance, meaning a net outflow from Binance of $900 million. Nansen Data analyst Martin Lee said on Telegram: “There are no real signs of bank runs yet, and it feels like the concerns around this are much lower than the entire period of solvency concerns at the end of last year.” In addition, Lee pointed out that Binance has Withdrawals have been higher than normal for several weeks, with average daily withdrawals at $385 million (in Ethereum-based tokens). He added that $1.3 billion in withdrawals occurred on the day of the CFTC news, but this was significantly lower than the $3 billion outflow from Binance on December 13, 2022. Tom Dunleavy, founder of Dunleavy Investment Research and former senior research analyst at Messari, said in a Twitter direct message: “I’ve seen a lot of exaggerated headlines about the outflows Binance has experienced, but they are actually less than normal. Currently, Binance It holds $64 billion in on-chain assets, about 50% of which are stablecoins. There is no sign of a bank run, which is extremely unlikely based on data like this.”

Odaily Planet Daily News According to data collected by The Block Research, since the CFTC sued Binance on March 27, the outflow of Binance's cryptocurrency has reached $2.2 billion (approximately 45 hours), partly due to the initial small withdrawal wave in the first hour after the news was released. During the same period, $1.3 billion in cryptocurrency was sent to Binance, which means that Binance had a net outflow of $900 million. Martin Lee, an analyst at Nansen Data, said on Telegram: "There are no real signs of bank runs yet, and it feels like the concerns around this are much lower than the entire solvency concern period at the end of last year." In addition, Lee pointed out that Binance has had higher-than-normal withdrawals in the past few weeks, with an average daily withdrawal of $385 million (in Ethereum-based tokens). He added that $1.3 billion in withdrawals occurred on the day the CFTC news was released, but this was far lower than the $3 billion that Binance outflowed on December 13, 2022. Tom Dunleavy, founder of Dunleavy Investment Research and former senior research analyst at Messari, said in a Twitter private message: “I’ve seen a lot of exaggerated headlines about the outflows that Binance has experienced, but they are actually less than normal. Currently, Binance holds $64 billion in on-chain assets, of which about 50% are stablecoins. There is no sign of a bank run, which is extremely unlikely based on this data.”