Notable Crypto Platforms Encounter Significant Net Withdrawals
In Brief
The top 10 cryptocurrency The cryptocurrency exchanges saw a short-lived decline in net flows following the SEC's lawsuit against Binance and Coinbase. However, things appear to be regaining stability now.
The top ten crypto platforms have witnessed considerable net withdrawals triggered by concerns regarding regulatory actions. Binance and Coinbase These worries largely stem from the SEC's recent lawsuits against Binance and Coinbase, which ignited a notable sell-off across the global crypto landscape. Despite this, the current scenario is starting to show signs of recovery.
On-chain data from Glassnode revealed The leading cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), faced outflows exceeding $4.6 billion this past week. BTC and USDT suffered outflows amounting to $806 million and $869 million respectively, whereas Ethereum recorded net flows of around $3 billion. Bitcoin (BTC), Ethereum According to Glassnode's insights, there has been a significant sell-off correlated with the SEC's legal pursuit against these two prominent crypto exchanges.
Furthermore, data highlights a dramatic drop in the trading volume for the top ten crypto exchanges within the past 24 hours. Binance and Coinbase reported declines of 22% and 33% respectively. CoinMarketCap Of the leading exchanges, Bitstamp and Bitfinex experienced the largest decrease in trading activity, plummeting by 40% and 42% respectively, based on CoinMarketCap's data.
Crypto Exchanges
On June 6, global cryptocurrency trading volume peaked at nearly $50 billion, surging to over $54.6 billion by June 11. However, the current figures indicate a decline to approximately $27.6 billion, reflecting a nearly 50% drop in just 24 hours.
This decline in overall crypto trading volume might suggest that the large-scale sell-off is nearing its conclusion.
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In line with the Trust Project guidelines Nik is a well-respected analyst and writer at Metaverse Post, providing innovative insights into the ever-evolving tech arena, with a focus on AI/ML, XR, VR, on-chain analytics, and blockchain advancements. His writing captivates and informs a broad audience, enabling them to stay at the forefront of technology trends. Holding a Master's degree in Economics and Management, Nik deeply understands the intricacies of the business domain and its crossover with cutting-edge technologies.
