How did investors react to the SEC, binance, coinbase fiasco? See what glassnode has reported here -
showing that Binance experienced significantly higher withdrawals immediately following the SEC’s Monday filing. The platform’s Bitcoin and Ethereum balances have fallen by 40,200 BTC and 324,000 ETH respectively over the past 7 days.
Meanwhile, Binance’s stablecoin balance took the biggest hit, declining by $1.6 billion over the past week. Since FTX’s collapse in November 2022, Binance’s stablecoin balance has fallen a whopping 75% from $26 billion to just $6.5 billion today – largely spurred by another“The exchange still holds some of the largest reserves of any entity on-chain, and their BTC and ETH balances are still quite substantial,” clarified Glassnode.
“This suggests that very large entities are more affected to a greater extent by the SEC news as compared to smaller entities,” wrote Glassnode. Furthermore, short-term crypto holders are showing heightened activity, accounting for 76% of recent BTC deposit volume . Such deposits accounted for 0.93% of short-term holders’ total held balances on exchanges. By contrast, long-term holders showed “no discernible reaction to the news.”that even short-term holders are reluctant to sell their coins too heavily, as the cohort is waiting for a chance to realize more profit from its purchases.
The entire crypto market slid after the SEC’s lawsuits last week, with heightened pain among coins specifically
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