Tuesday, June 25, 2024

Binance offloaded $140M in Bitcoin within the final 24 hours

by Jeremy

Glassnode information analyzed by CryptoSlate reveals that main alternate Binance offloaded $137 million value of Bitcoin (BTC) within the final 24 hours.

Binance reserves in the last 24 hours
Binance reserves within the final 24 hours

Within the meantime, almost $32 million value of Ethereum (ETH), $300 million value of USD Coin (USDC), and $200 million in each Binance USD (BUSD) and Tether (USDT) had been withdrawn. The overall withdrawals equate to over $860 million.

Contemplating that BTC is at present following an upwards trajectory, Binance’s loss may improve in accordance with the BTC value. On the time of writing, BTC is being traded for round $17,390. In response to CryptoSlate information, BTC elevated 0.14% within the final hour. It additionally recorded 1.37% and 1.14% spikes within the final 24 hours and 7 days, respectively.

Binance halts USDC withdrawals

On Dec. 13, Binance’s CEO Changpeng Zhao (CZ) Tweeted to say that the alternate suspended USDC withdrawals quickly.

CZ defined that Binance noticed a rise in USDC withdrawals not too long ago. Because the alternate converts them 1:1, CZ mentioned that the alternate should pay the banks a go to to provide the withdrawal requests.

He mentioned the withdrawals had been suspended not as a result of the alternate lacked the sources however as a result of the banks had been gradual in assembly Binance’s withdrawal demand.

Giant transfers that caught the eyes

TRON DAO’s CEO, Justin Solar, mentioned he deposited 100 million USD into Binance to assist with Binance’s liquidity disaster.

Solar withdrew $34 million value of BUSD and $15.4 million value of USDT from Binance earlier on Dec. 13. He reportedly transferred these funds to Paxos and Circle to money out, and mentioned that these transactions had been “simply regular enterprise cooperation.”

Within the meantime, based on crypto reporter Wu Blockchain, Wintermute reportedly withdrew $153 million value of USDC from Coinbase and transferred round $150 million of it to Binance.

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