# Binance has processed $4.65 billion in withdrawals
$BTC The closing tally for the first phase is in, and the numbers are calmer than I expected: Binance’s summary post early this morning said that from 14:00 to 23:30 on November 1, it processed $4.649 billion in withdrawals and $1.01 billion in deposits, for net outflows of about $3.64 billion—roughly 2.1% of the $171 billion in assets under management, based on the October 28 proof-of-reserves figures. All of the first 15 networks and assets were fully restored by 20:36. Withdrawal volumes spiked at first, then fell back and stabilized.
My take: some money went out first, then some came back. The first phase of this whole process played out step by step, just as planned. The market was pretty calm too: Binance spot prices over the past 24 hours were $BTC +0.6% and $ETH +0.5%, with no major swings in response to these figures.
Next, I’m watching two things: whether the updated proof-of-reserves report promised for today will be published on schedule, and when the networks and assets for the next phase will be announced. Did you make your withdrawals yesterday? Did everything go smoothly?
$BTC The closing tally for the first phase is in, and the numbers are calmer than I expected: Binance’s summary post early this morning said that from 14:00 to 23:30 on November 1, it processed $4.649 billion in withdrawals and $1.01 billion in deposits, for net outflows of about $3.64 billion—roughly 2.1% of the $171 billion in assets under management, based on the October 28 proof-of-reserves figures. All of the first 15 networks and assets were fully restored by 20:36. Withdrawal volumes spiked at first, then fell back and stabilized.
My take: some money went out first, then some came back. The first phase of this whole process played out step by step, just as planned. The market was pretty calm too: Binance spot prices over the past 24 hours were $BTC +0.6% and $ETH +0.5%, with no major swings in response to these figures.
Next, I’m watching two things: whether the updated proof-of-reserves report promised for today will be published on schedule, and when the networks and assets for the next phase will be announced. Did you make your withdrawals yesterday? Did everything go smoothly?
