Binance's On-Chain Balance Skyrockets to $64B, Setting New Records!

A total of 81% of Binance’s balance is made up of Tether (USDT), Bitcoin (BTC), Ether (ETH), Binance USD (BUSD), and BNB Coin (BNB).  

Binance’s on-chain balances have been on the rise since last week, when US regulators indicted Binance for violating US federal law, Forbes said last month that the cryptocurrency exchange had stolen assets in a manner similar to failed exchanges that mixed FTX. Despite claiming to have sold it, remains high. 

Key Takeaways

• Binance’s on-chain balances have been on the rise since last week.
• As of Wednesday Binance has exfiltrated more than $600 million of its tokens from customers.
• Binance’s on-chain portfolio is currently worth $64 billion.
• At the time, Binance was processing over $2 billion in withdrawals in a single day.
• With Binance depositors hastily withdrawing from the ecosystem.

Binance’s on-chain portfolio is currently worth $64 billion or according to data from blockchain analytics firm Nansen. USDT, BTC, ETH, BUSD, and BNB are Binance’s largest holdings, accounting for approximately 81% of total cryptocurrency exchange balances as of this writing. 

@nansen_ai TWEET

Binance processed $3 billion net outflows in one day last December – not even many tradfi companies can do that https://t.co/xdXbuvmequ

— Nansen 🧭 (@nansen_ai) March 29, 2023

About $852 million* net outflow from Binance in 24 hours, see Exchange Flows here: https://t.co/nwTgpXWhZY

Also keep in mind that on Dec 13 last year, Binance processed $3 billion net outflow in one day

*Including ETH & Ethereum, Polygon, BNB Chain, Avalanche, Fantom tokens https://t.co/LACgCi4oJo pic.twitter.com/jYSbsMcg1G

— Nansen 🧭 (@nansen_ai) March 28, 2023

The reserve shows asset support strength on Binance, which may ease capital outflows from the stock market at a time when FTX replays are feared. 

As of Wednesday, Binance has exfiltrated more than $600 million of his tokens from customers, the number still lower than he did earlier this year when BUSD-issued Paxos lost to the New York State Department of Financial Services. Relatively few. At the time, Binance was processing over $2 billion in withdrawals in a single day. 

With Binance depositors hastily withdrawing from the ecosystem, he said,

“it is hard to imagine power coming without recursive leverage by bnb [or] busd [es].”

Binance’s on-chain portfolio represents the amount of capital held by people on the world’s largest exchange by trading volume.  

According to Charles Storry, head of growth at crypto index platform Phuture, funds, traders, and investors involved with Binance see the current situation as “business as usual.”