Analysis: Binance Shows No Signs of Bank Run 48 Hours After Resuming Withdrawals
Summary
- It has been 48 hours since Binance resumed withdrawals, but the feared bank run has not materialized.
- Binance's net outflows of Bitcoin totaled about 28,805 BTC, or about 4.35% of its total Bitcoin reserves.
- Over the same period, about $3.273 billion in Tether (USDT) flowed out on a net basis, equal to roughly 10% of Binance's reserves.
Forecast Trend Report by Period
It has been 48 hours since Binance resumed withdrawals after suffering the largest hacking loss in the history of the cryptocurrency industry. The feared signs of a bank run have yet to emerge.
In a report published on November 3, CryptoQuant contributor Gaah wrote that no bank run is currently underway, even though more than 48 hours have passed since Binance resumed Bitcoin withdrawals.
According to Gaah, Binance recorded net Bitcoin outflows of about 28,805 BTC after withdrawals resumed. That equals about 4.35% of the exchange's total Bitcoin reserves.
Over the same period, net outflows of Tether (USDT) totaled about $3.273 billion. That represents about 10% of Binance's reserves.
Binance is currently processing deposits and withdrawals normally, Gaah wrote, with no sign that a bank run is in progress.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.