Panic At Binance Following CZ’s Departure? Analyzing 24-Hour Inflow and Outflow Trends
2023年11月23日 - 1:00AM
NEWSBTC
A new era for the crypto industry approaches as the world’s largest
exchange, Binance, changes leadership. Yesterday, the company’s
founder and CEO, Changpeng “CZ” Zhao, stepped down as part of an
agreement with the US government. Related Reading: Spot Bitcoin ETF
Odds ‘Might Have Increased To 100%’: Matrixport The deal might have
sparked a new era of adoption and legitimacy for the nascent
industry at the cost of CZ’s position and a $4 billion fine. Fresh
data looked into Binance’s transactions to check if users believe
in the company’s future following the historic decision. Binance
Safe From FTX Like Bank Run? According to crypto analysis firm
Nansen data, Binance recorded almost $1 billion in negative netflow
following yesterday’s news. The data indicates that the platform’s
USDT value decreased by $246 million, followed by Bitcoin’s value,
which declined by $76 million. Users who feel uncertain about the
platform’s future withdraw their money, potentially triggering a
bank run. However, Nansen’s data shows that this scenario is far
from materializing in this trading venue. While the negative
netflows stand at $955 million, there is no “mass exodus” or panic
from users trading on Binance. Nansen claims the platform’s holding
value increased from $64.6 billion to $65.2 billion. The analytics
firm previously stated that Binance handled bigger net flows.
First, when the US Securities and Exchange Commission (SEC) filed a
lawsuit against the company, and later, when FTX went bankrupt
following a massive bank run. As mentioned, Binance seems unlikely
to follow a similar fate. Nansen stated: In the past, Binance has
processed higher volumes of outflow and negative netflow: Jun 2023
after the SEC sued Binance, December 2022 after insolvency rumors,
and the immediate aftermath of FTX. We will provide another update
24 hours after the news originally broke. CZ’s Departure Forecast
Good Times For Crypto Across the crypto community, the debate
around CZ’s departure has been fierce. However, the consensus is
optimistic. A report from The Block cites major banking institution
JPMorgan claiming that the Binance deal removes a “systemic risk”
for the industry. In 2022, when FTX collapsed, the price of Bitcoin
crashed to a low of $15,000 and took months to recover. With 150
million users on its platform and millions of capital injected into
multiple ecosystems. Binance’s collapse would have been equally, if
not more, catastrophic than FTX for the nascent industry. Related
Reading: Binance Drama Causes Crypto Prices To Dance On The Edge –
Details JPMorgan analyst Nikolaos Panigirtziglou told The Block: We
see the prospect of settlement as positive as uncertainty around
Binance itself would subside and its trading and Smart Chain
business would benefit. For crypto investors the prospect of
settlement would see the elimination of a potential systemic risk
emanating from a hypothetical Binance collapse. Cover image from
Unsplash, chart from Tradingview
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