Where did the money leaving Binance go? Third-party tracking this afternoon: OKX saw net inflows of $445 million in one day
First, the third-party data from this afternoon: according to DefiLlama's tracking of 24-hour exchange fund flows, OKX saw net inflows of about $445 million, the most among exchanges over the same period. Bybit saw about $112 million, Gate about $91 million, and Bitget about $54 million. Using the same methodology, Binance saw net outflows of more than $7 billion over the same period, up from about $5.8 billion earlier on Monday.
But we need to clarify what that $7 billion figure measures, or it could be misread. It's not an official Binance figure: Binance's self-reported net outflow over the first 9.5 hours of the day was about $3.64 billion, or around 2.1% of assets under management. A Binance spokesperson has also responded that DefiLlama's methodology does not exclude Binance's own deposits into new hot wallets, and is inaccurate. The figures cover different time periods and use different methods, so they can't be directly compared—much less treated as a measure of customer withdrawals.
My take: the money is rotating, not disappearing. OKX received the most, but its inflows are still in a different league from Binance's outflows. Binance's tracked assets remain at about $128 billion, compared with OKX's roughly $29 billion. In the context of total assets, the outflows are still only a few percent—not a drain of the platform. The two things that will really clarify the situation are whether the complete proof of reserves on November 3 reconciles, and when the remaining assets and networks in the second phase will be disclosed. Spot price references: $BTC at around 77,996 (24h -0.09%) and $ETH at around 2,286 (24h +0.65%). Prices have barely moved in response to these fund-flow figures, suggesting the market sees this as fund rotation during a recovery period, not a new panic signal.
Risk warning: DefiLlama tracks estimates based on public wallets; these are not equivalent to net customer withdrawals or a conclusion about the platform's solvency. Tracking of the stolen funds is ongoing. As of this afternoon, there was still no sign of new outward transfers from the six newly split XRP wallets. Don't mistake “there's somewhere for the funds to go” for “the incident is over.”
What do you think: is this rotation a short-term flight to safety, with funds likely to return to Binance later, or will Binance permanently give up some market share?
#Binance #BTC #ETH
First, the third-party data from this afternoon: according to DefiLlama's tracking of 24-hour exchange fund flows, OKX saw net inflows of about $445 million, the most among exchanges over the same period. Bybit saw about $112 million, Gate about $91 million, and Bitget about $54 million. Using the same methodology, Binance saw net outflows of more than $7 billion over the same period, up from about $5.8 billion earlier on Monday.
But we need to clarify what that $7 billion figure measures, or it could be misread. It's not an official Binance figure: Binance's self-reported net outflow over the first 9.5 hours of the day was about $3.64 billion, or around 2.1% of assets under management. A Binance spokesperson has also responded that DefiLlama's methodology does not exclude Binance's own deposits into new hot wallets, and is inaccurate. The figures cover different time periods and use different methods, so they can't be directly compared—much less treated as a measure of customer withdrawals.
My take: the money is rotating, not disappearing. OKX received the most, but its inflows are still in a different league from Binance's outflows. Binance's tracked assets remain at about $128 billion, compared with OKX's roughly $29 billion. In the context of total assets, the outflows are still only a few percent—not a drain of the platform. The two things that will really clarify the situation are whether the complete proof of reserves on November 3 reconciles, and when the remaining assets and networks in the second phase will be disclosed. Spot price references: $BTC at around 77,996 (24h -0.09%) and $ETH at around 2,286 (24h +0.65%). Prices have barely moved in response to these fund-flow figures, suggesting the market sees this as fund rotation during a recovery period, not a new panic signal.
Risk warning: DefiLlama tracks estimates based on public wallets; these are not equivalent to net customer withdrawals or a conclusion about the platform's solvency. Tracking of the stolen funds is ongoing. As of this afternoon, there was still no sign of new outward transfers from the six newly split XRP wallets. Don't mistake “there's somewhere for the funds to go” for “the incident is over.”
What do you think: is this rotation a short-term flight to safety, with funds likely to return to Binance later, or will Binance permanently give up some market share?
#Binance #BTC #ETH
