BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Millions in BUSD Redeemed as Binance FUD Ramps Up

by Darius Ngetich
Dec 13, 2022 - 12:00 am
in Blockchain
Millions in BUSD Redeemed as Binance FUD Ramps Up

According to recent statistics, Binance had $902 million in net outflows during the last 24 hours, with BUSD making the major part of it. Concerns over Binance’s proof of reserve report caused a rush of withdrawals on Monday, making it the largest cryptocurrency exchange in the world by trading volume.

According to these statistics, net outflows, or the difference between the value of assets entering and leaving the exchange, reached $902 million in the previous day. In the past 24 hours, Binance has outperformed all other centralized exchanges in net outflow, and its outflow is over nine times more than the next-largest exchange’s.

Given that there are supposed $64 billion in assets on Binance, the outflow “doesn’t appear significantly unusual,” Henry Fisher, an Arkham analyst, commented in a Telegram conversation.

Withdrawals increased due to many alarming news stories about Binance and as investors grew warier of putting their money on a controlled exchange. Other exchanges are under pressure to demonstrate that they are protecting consumers’ funds in light of the quick collapse of rival exchange FTX and other industrial disasters.

Huge withdrawals experienced in the past 24 hours

Large crypto market makers Jump Trading and Wintermute were among those transferring significant amounts of money from Binance in the last seven days, according to recent blockchain data.

Jump’s net withdrawals consist of $102 million in ether, $14 million in USDT from Tether, and 10 million in Binance USD (BUSD), the exchange’s stablecoin created by Paxos (ETH).  Blockchain data revealed just recently that Jump redeemed almost $30 million worth of Binance USD (BUSD) from Paxos a few hours ago.

Another big cryptocurrency market maker, Wintermute, withdrew $8.5 million in wrapped bitcoin (wBTC) and $5.5 million in USDC stablecoin from Circle. These withdrawals have certainly caused a huge increase in FUD surrounding the integrity of the exchanges.

According to a tweet from Nansen analyst Andrew Thurman, Jump Trading is reportedly the biggest withdrawer from Binance. According to Nansen statistics, during the last seven days, net withdrawals from the exchange by crypto wallets connected to Jump totaled $146 million in digital assets.

The Binance integrity question

According to a study from the auditing company Mazars last week, Binance’s bitcoin (BTC) holdings are overcollateralized. On Monday, Reuters reported that U.S. authorities are considering criminal charges for potential money laundering against Binance and its officials, including Zhao. Industry analysts and previous publications criticized the paper for its limited scope.

Tags: BinanceBUSDFUD
Darius Ngetich

Darius Ngetich

Darius Ngetich is a blockchain, crypto, and gaming enthusiast. He is also an animator, VFX Artist, and Game Developer, specializing in computers with vast experience in programs like Blender, Unity, and Unreal Engine. My passions are creating games and informing others about the latest developments in crypto, blockchain, and gaming.

Related Posts

Interactive Strength partners with Fetch.ai to launch a $500M AI token treasury

Interactive Strength Launches $500M AI Token Treasury in Landmark Fetch.ai Deal

June 11, 2025

Interactive Strength launches $500M AI token treasury with Fetch.ai, aiming to boost shareholder value and bring decentralized AI...

Uniswap price chart displaying breakout from inverse head-and-shoulders pattern with bullish momentum indicators

Uniswap Breaks Out of Inverse Head-and-Shoulders Pattern, Eyes 37% Upside

June 11, 2025

Uniswap breaks out of inverse head-and-shoulders, targets $10.40. Daily volume up 150%, user activity surging amid bullish DeFi...

blockchain

Circle’s Stellar IPO Fuels ProShares and Bitwise ETF Filings Tied to CRCL Shares

June 10, 2025

Circle’s explosive IPO drives ProShares and Bitwise to file CRCL-linked ETFs, reflecting rising institutional demand for stablecoin-linked equities.

Brian Quintenz speaking at his Senate confirmation hearing for CFTC chair nomination

Trump’s CFTC Nominee Brian Quintenz Calls Blockchain a Society-Shaping Force

June 10, 2025

Trump’s CFTC nominee Brian Quintenz says blockchain will reshape society and urges Congress to act on clear rules...

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise