Skip to main content

SEC Lawsuits Fuel Bitcoin and Ethereum Exodus From Exchanges: Nearly $1 Billion Withdrawn in 7 Days

It has been six days since Binance faced a lawsuit from the U.S. Securities and Exchange Commission (SEC), and five days since Coinbase encountered a similar legal challenge. In the wake of these events, a substantial amount of bitcoin and ethereum has been withdrawn from exchanges, with data revealing that nearly $996 million worth of ETH and BTC has been removed from centralized trading platforms.

Exchanges Witness Significant Bitcoin and Ethereum Outflows in Wake of SEC Lawsuits

Less than a week has passed since the SEC took action against two of the world’s largest exchanges, with Binance’s lawsuit occurring on June 5, 2023, and Coinbase’s lawsuit following suit on June 6. As previously reported by Bitcoin.com News, record outflows from Binance have been observed, and cryptocurrency enthusiasts have been extensively withdrawing bitcoin (BTC) and ethereum (ETH) from centralized exchanges.

According to data collected from cryptoquant.com, 2.155 million BTC were held on centralized trading platforms the day prior to Binance’s lawsuit. Since then, however, 22,263 BTC valued at $574.15 million using current exchange rates have been withdrawn. As of 8:30 a.m. Eastern Time (ET) on Sunday morning, there were 2.133 million BTC held by various exchanges. A similar trend is evident in ethereum (ETH) withdrawals, as 15.96 million ETH were held by exchanges last Sunday on June 4, 2023.

A Game of Musical Chairs: While Binance’s Weekly Outflow Surged, Other Exchanges Record Significant Inflows

Presently, that figure has decreased to 15.72 million ether, indicating that approximately 241,366 ETH valued at $422.78 million was removed using today’s ether exchange rates. In total, between bitcoin and ethereum, $996.94 million in value has been withdrawn from centralized trading platforms within the past week. A multitude of individuals have transferred funds away from exchanges, but data shows some deposited this cryptocurrency into different trading platforms. It appears as though some BTC whales are engaging in a game of musical chairs.

For example, data from coinglass.com indicates that Binance experienced withdrawals totaling 40,427 BTC during the past seven days, with 7,008 BTC removed in the last 24 hours alone. In contrast, Coinbase witnessed an addition of 2,959 BTC to its reserves this week, though 20 BTC were withdrawn in the past day. While Binance experienced outflows, the subsequent top four exchanges saw noticeable inflows. After Coinbase, Bitfinex received deposits of 1,556 BTC, Okx added 3,772 BTC to its reserves, and Gemini saw an influx of around 1,070 BTC within the past week.

What do you think about the bitcoin and ethereum being removed from exchanges over the past week? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/F6uonsx
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more