Binance’s USDT exodus triggers suspicion: Will it increase FUD?

Journalist

Posted: November 26, 2023

• Binance saw USDT withdrawals worth 100 million.
• Regardless, the exchange’s daily trade volume crossed $11 billion.

Binance [BNB] has been the subject of FUD (Fear, Uncertainty, and Doubt) of late due to reports about fines and Changpeng Zhao stepping down. Additionally, recent data from IntoTheBlock revealed a significant outflow of the stablecoin Tether [USDT] from Binance.

This outflow was over $100 million, and it marked the highest withdrawal in over three months. While previous instances showed spikes in USDT leaving the exchange, they were not over $50 million.

The current withdrawal volume could be routine market activity, but any surge raises suspicion, given the recent developments concerning the exchange.

BNB volume and price recovers

BNB has been understandably affected by the ongoing changes within the exchange. Since it experienced a more than 10% decline in value, it has struggled to regain the $250 price range.

At the time of this update, it was trading around $233, with a slight increase of less than 1%. The Relative Strength Index (RSI) confirmed a bear trend, with the RSI line positioned below the neutral line.

Source: TradingView

However, the trend stabilized following a peak in BNB’s trade volume — it surpassed $2 billion, according to AMBCrypto’s analysis of Santiment’s chart.

As of this writing, the trade volume was around $644 million. This decline in volume suggested a reduction in BNB’s trading activity.

Source: Santiment

Binance retains dominance among exchanges

Regardless, AMBCrypto’s examination of the trading volume across all exchanges in the past 24 hours showed that Binance continued to have more daily transactions than other exchanges.

According to CoinMarketCap, Binance recorded a trading volume of over $11.7 billion within 24 hours. The exchange with the second-highest volume was Coinbase, with over $2 billion.

How much are 1,10,100 BNBs worth today?

TVL remains undisturbed 

AMBCrypto’s examination of the Binance Smart Chain (BSC) also showed that there had been no significant alteration to its Total Value Locked (TVL) as of press time. Despite price and exchange volume fluctuations, BNB’s TVL has remained relatively unaffected.

As of this writing, the TVL was around $3 billion, with a slight upward trend.