Crypt.Biz

Binance’s Q1 numbers reveal this about the future of the exchange. Assessing…

  • Binance lost 16% share of its international trading volume in Q1 2023
  • The net stablecoin outflow reached -$ 295 million/day, which was the biggest ever outflow experienced by the exchange

Binance lost a large piece of the international market share in the very first quarter of 2023, as regulative bodies tightened their chokehold around the globe’s biggest cryptocurrency exchange.

Based on a report by crypto market information company Kaiko, the crypto leviathan lost 16% share of international trading volume after the U.S. Product Futures Trading Commission (CFTC) implicated the company of breaching particular compliance guidelines to broaden its operations.

The lawsuit-induced FUD therefore, led to an extreme shake-up of its exchange reserves with users withdrawing funds for self-custody.

Is your portfolio green? Inspect the Binance Coin [BNB] Revenue Calculator

Record stablecoin outflows

As per a report by on-chain analytics firm Glassnode, current stablecoin outflows surpassed inflows. This showed that a bigger variety of stablecoins were withdrawn from the trading platform as compared to the total deposits.

The day-to-day internet circulation of stablecoins streaming through Binance was outlined on a chart as revealed listed below. A 14-day EMA was likewise utilized to balance out the effect of day-to-day circulations.

Just recently, the net outflow reached -$ 295 million/day, which was the biggest net outflow in the history of the cryptocurrency exchange. According to the chart, the sign was currently on seeing a drop and in an unfavorable location over the previous couple of weeks.

Source: Glassnode[BUSD]As per Glassnode, the main factor behind the record outflows was the extreme boost in redemptions of Binance USD

, following the news of Paxos stopping the issuance of the stablecoin in February.

Furthermore, the chart listed below caught the significant decrease in the balance of the third-largest stablecoin on Binance exchange. This was as soon as the most-preferred stablecoins on the platform. From a peak of nearly $21 billion throughout November 2023, it diminished to $6 billion at press time.

Source: Glassnode

Status of the BNB Chain[BNB]As per information from DeFiLlama, the stablecoin market cap on the BNB Chain

was $6.42 billion at the time of composing, with a minimal weekly development of 0.04%.[USDT] Tether

had a market supremacy of almost 50% while BUSD’s market cap diminished by 20% to stand at $2.21 billion over the last one month, recording 34% of the share.

Source: DeFiLlama

How much are 1,10,100 BNBs worth today?

The environment’s native token BNB made gains of 6.79% over the last month, per information from CoinMarketCap. With regulative headwinds, the rate of development went away with the token growing by simply 0.23% on a weekly basis.


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