So the first day of Binance withdrawals is in, and the number is big but not scary honestly.
Binance posted that between 11am and 8:30pm our time on Nov 1 it processed $4.65B in withdrawals and $1.01B in deposits. Net outflow about $3.64B. CNBC and BBC both picked it up.
That's roughly 2.1% of the $171B in assets from its last proof of reserves, and Binance says flows are settling after the first spike.
For me this is the number people were waiting on. A 2% exit after the week we had is not a bank run. $BTC near 78k and $BNB around 707 barely reacted, so most of it was priced already. If day two comes in a lot smaller, that overhang is basically done.
Binance posted that between 11am and 8:30pm our time on Nov 1 it processed $4.65B in withdrawals and $1.01B in deposits. Net outflow about $3.64B. CNBC and BBC both picked it up.
That's roughly 2.1% of the $171B in assets from its last proof of reserves, and Binance says flows are settling after the first spike.
For me this is the number people were waiting on. A 2% exit after the week we had is not a bank run. $BTC near 78k and $BNB around 707 barely reacted, so most of it was priced already. If day two comes in a lot smaller, that overhang is basically done.
