• Binance has seen its assets drop from over $70 billion in November to about $55 billion.
• Data compiled by DeFi Llama shows that outflows in the crypto industry have been growing.
• Investors pulled $116 million from the exchange in the past 24 hours and $957 million in the past 7 days.
The past few months have been tumultuous for the cryptocurrency industry, with the collapse of two major exchanges, FTX and Voyager Digital, resulting in a wake-up call in the sector. As a result, investors have become increasingly wary of the health of their investments, and many have decided to withdraw their digital assets. This can be seen in the outflows data from Binance, the largest player in the crypto industry.
At its peak, Binance had more than 100 million customers from around the world, and offered numerous services, including a platform to buy and sell cryptocurrencies and one to do margin trading. As of November, the company had assets totaling over $70 billion. However, that number has since dropped to about $55 billion, with investors pulling out $116 million in the past 24 hours and $957 million in the past 7 days. According to data compiled by DeFi Llama, Binance has lost over $9.5 billion in the past 30 days. This has had a significant effect on Binance Coin price, which has plunged from an all-time high of $708 to $250.
The outflows from Binance are a sign of investors’ concern regarding the health of their investments, as well as their lack of confidence in the industry as a whole. This could have a lasting impact on the price of BNB, as well as the industry as a whole. It is therefore important for investors to be aware of the potential risks and to make sure that their investments are secure. In addition, regulators must continue to take steps to prevent another meltdown like the one seen with FTX and Voyager Digital.