Nansen Analytics Report
Nansen reported that despite a settlement against Binance and CEO CZ, there wasn’t a mass exodus of funds from the exchange.
Outflows and Total Holdings
About 24 hours after the settlement, Binance experienced a $956 million net outflow on Ethereum, but its total holdings increased to over $65 billion.
Fund Withdrawals
Nansen stated that withdrawals are ongoing, and there hasn’t been a significant outflow of funds. Similar patterns were observed in the past after various events.
Asset Holdings
According to Nansen, Tether (USDT) holdings on Binance decreased by roughly $246 million, while XRP and TrueUSD (TUSD) holdings remained steady.
Leadership and Regulatory Scrutiny
Following a plea deal with U.S. officials, Binance underwent significant changes in leadership and will continue to operate under regulatory scrutiny.
Binance’s Response
New CEO Richard Teng expressed confidence in Binance’s strong fundamentals after the DOJ deal and leadership change, despite the ongoing lawsuit from the SEC.
Hot Take
The Nansen report suggests that despite the legal settlement, Binance’s financial health and asset holdings appear to be relatively stable, with ongoing withdrawals and consistent holdings of certain assets.
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