Nansen Observes Ongoing Binance Withdrawals

An Update on Binance’s Holdings

As of November 22, Nansen reported that Binance is experiencing withdrawals, but there is no significant mass exodus of funds. Earlier in the day, there were more outflows than inflows, including a $17 million negative netflow. Despite this, Binance’s overall holdings have increased from $64.6 billion to $65.2 billion, accounting for outflows and price fluctuations during this period.

Analyze of Token Holdings

Nansen also noted changes in token holdings within Binance’s top assets. There was a decrease in USDT and Bitcoin holdings, while ETH, BNB, and AETH holdings all increased. Several other assets, such as SOL, LINK, and SHIB, also experienced positive shifts in their holdings. These trends come in the wake of a turbulent week for the crypto industry, with legal actions taken against major exchanges and a 3% downturn in global market cap.

A Reflection of Recent Developments

The recent changes in Binance’s holdings reflect the negative sentiment in the cryptocurrency industry following the legal actions against Kraken and Binance. This news has resulted in a 3% contraction in the global market cap, falling below the $1.4 trillion mark.

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