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Almost a year after the collapse of FTX, Binance is now facing its challenges. However, unlike FTX, Binance is not collapsing. The exchange recently settled with the DOJ and other regulatory agencies, paying a $4.3 billion fine, a move that has further strengthened its position in the market. Though it witnessed billions in outflows, this is not particularly concerning as it follows Binance’s typical daily outflow. Moreover, on-chain data indicates a swift recovery for Binance’s asset flow.
Binance Gains Its Market Position
Recent days have seen over $1 billion in outflows from Binance, excluding bitcoin, as reported by blockchain analysis firm Nansen. This development follows the resignation and guilty plea of founder and CEO Changpeng Zhao on Tuesday as part of an agreement with a $4.3 billion settlement with the Department of Justice.
At the same time, there was a 25% reduction in liquidity as market makers scaled back their positions, as reported by data provider Kaiko. However, since that time, Binance’s health has significantly improved, with liquidity recovering from its previous lows. Importantly, the billions in outflows from Binance are not alarming, as data indicates that these figures are consistent with the exchange’s typical outflow levels.
Data from a Dune Analytics dashboard reveals that while over $2.4 billion in various tokens were withdrawn from the exchange, there were also deposits amounting to approximately $1.8 billion in tokens. However, at that time, the situation was concerning because the market was trending downward, and holders were withdrawing their assets from Binance. This was opposite to the usual trend where they typically deposit assets into exchanges for selling during a price decline.
Viewed from an overall perspective, Binance had a Netflow of -$600 million on November 21 and -$400 million on November 22. These figures represent the actual shortfall or the amount that left Binance during the market downturn on those days, amounting to just 2-3 times the usual Netflow for the exchange.
Therefore, the withdrawals were motivated by FOMO and panic, resulting from a lack of proper analysis of the settlement, particularly from a bullish angle.
Even 9 November’s Netflow Was 2.5 Times Stronger
On November 9th, the volume of cryptocurrency leaving Binance was substantially higher than its recent setback. Data indicates that Binance experienced an outflow of $3.8 billion against an inflow of $2.3 billion, leading to a net departure of $1.5 billion from the exchange. This trend was observed due to Bitcoin’s steady increase from a low of $36K to $38K.
The settlement between Binance and the DOJ, along with other agencies, is a positive development, as it brings an end to the extended case and dispels concerns regarding “Binance laundering money” versus “Binance’s operations failing to maintain AML regulations.” Also, following the plea agreement with the U.S., Binance promptly highlighted that no agencies had accused it of “misappropriating user funds or engaging in market manipulation.”
Upon discovering the news to be bullish, investors drove Bitcoin’s price to around its 2023 high, with the total market capitalization reaching $1.45 trillion. With the case concluded, Binance, under the leadership of its new CEO, Richard Teng, can now concentrate on developing futuristic crypto products.
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