After Binance processed $4.649 billion in withdrawals, the order-book impact of spot sell orders of the same value still varied by coin.
Need to adjust your spot holdings but worried that a wave of withdrawals could make trades more expensive? How should you choose an order type? Start by assessing the specific coin and sell order size; total platform withdrawals are no substitute for looking at the order book.
Binance’s announcement disclosed that it processed the withdrawals from 14:00 to 23:30 Hong Kong time on the 1st. These were transfers of funds and assets, not market sell orders of the same value.
In a snapshot taken this morning, Hong Kong time, the sell quantities equivalent to 100,000 USDT at the mid-price were used to sweep bids level by level. The static price impacts relative to the mid-price were approximately 0.83, 0.12, and 2.75 basis points for BTC, ETH, and SOL, respectively. All three orders were covered within the 100 levels sampled. This is an estimate; no trades were actually placed, and fees, delays, and cancellations were not factored in.
For orders of the same value, SOL was more affected by bid-side depth in this snapshot. Market orders prioritize quick execution; limit orders can constrain the price but may not sell; splitting an order reduces the amount taken from the book at once, but exposes you to price changes in the meantime. Which trade-off matters more depends on how urgently you need to make the adjustment.
If orders are pulled or order sizes increase, costs will need to be recalculated. This snapshot does not guarantee future execution and cannot prove that the platform is safe.
This content participates in Binance Square’s content mining program. The author may receive platform commissions and engagement rewards.
Source: Binance official updates and the spot order book. Not investment advice.
Need to adjust your spot holdings but worried that a wave of withdrawals could make trades more expensive? How should you choose an order type? Start by assessing the specific coin and sell order size; total platform withdrawals are no substitute for looking at the order book.
Binance’s announcement disclosed that it processed the withdrawals from 14:00 to 23:30 Hong Kong time on the 1st. These were transfers of funds and assets, not market sell orders of the same value.
In a snapshot taken this morning, Hong Kong time, the sell quantities equivalent to 100,000 USDT at the mid-price were used to sweep bids level by level. The static price impacts relative to the mid-price were approximately 0.83, 0.12, and 2.75 basis points for BTC, ETH, and SOL, respectively. All three orders were covered within the 100 levels sampled. This is an estimate; no trades were actually placed, and fees, delays, and cancellations were not factored in.
For orders of the same value, SOL was more affected by bid-side depth in this snapshot. Market orders prioritize quick execution; limit orders can constrain the price but may not sell; splitting an order reduces the amount taken from the book at once, but exposes you to price changes in the meantime. Which trade-off matters more depends on how urgently you need to make the adjustment.
If orders are pulled or order sizes increase, costs will need to be recalculated. This snapshot does not guarantee future execution and cannot prove that the platform is safe.
This content participates in Binance Square’s content mining program. The author may receive platform commissions and engagement rewards.
Source: Binance official updates and the spot order book. Not investment advice.
