As per reports from Nansen, a blockchain analytics firm, Binance suffered a net outflow of $400 million in Ethereum in the last 24 hours.
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This is a stark contrast to the net outflow of $2 billion observed over the past seven days.
Furthermore, “smart money” traders, as deemed by Nansen, withdrew an additional $9 million over the last day.
Such on-chain movements serve as a stark reminder of the prevailing uncertainty in the regulatory environment of the cryptocurrency market.
Even though Binance has not made any official announcement of closing its operations, the mere possibility of mishaps occurring at the world’s largest crypto exchange by volume appears to have induced depositors to seek safer alternatives.
Adding to the investor flight, Paxos, a former issuer of Binance USD stablecoin (BUSD), burned $155 million of BUSD (equivalent to 2% of its circulating supply) in the last four hours of Monday.
