{"id":52866,"date":"2023-06-07T18:12:06","date_gmt":"2023-06-07T18:12:06","guid":{"rendered":"http:\/\/egrowonline.com\/?p=52866"},"modified":"2023-06-07T18:12:06","modified_gmt":"2023-06-07T18:12:06","slug":"what-asset-freeze-binance-btc-outflows-muted-as-users-shun-panic-selling","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=52866","title":{"rendered":"What asset freeze? Binance BTC outflows muted as users shun panic selling"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) hitting three-month lows did not spur hodlers to panic sell, on-chain data shows.<\/p>\n

According to analytics firm Glassnode<\/a>, BTC investors have largely ignored the latest crypto exchange legal battles.<\/p>\n

On-chain losses \u201cremain quiet\u201d<\/h2>\n

BTC\/USD dipped to just $25,350<\/a> on June 6, its lowest since mid-March \u2014 but it seems existing holders simply do not care.<\/p>\n

The latest data covering on-chain transactions shows that in the midst of reactions to the Binance and Coinbase lawsuits<\/a>, few were in \u201cpanic sell\u201d mode.<\/p>\n

A chart uploaded to Twitter by Glassnode showed realized losses \u2014 coins moving at a lower value than their previous transaction \u2014 staying cool.<\/p>\n

This marked a shift in sentiment for the investor base as a whole, coming in stark contrast to the events that followed the implosion of exchange FTX<\/a> in late 2022.<\/p>\n

\u201cFollowing a crescendo in US regulatory pressure on major cryptocurrency Exchanges Binance and Coinbase, the market experienced significantly volatile moves in both directions,\u201d Coinglass reported.<\/p>\n

\u201cHowever, the magnitude of Realized Losses recorded On-Chain remains quiet at $112M. This remains -$3.05B (-96.5%) smaller than the largest recorded capitulation event, suggesting an increased degree of resilience amongst market participants.\u201d<\/p><\/blockquote>\n

Bitcoin Entity-Adjusted Realized Loss annotated chart. Source: Glassnode\/Twitter<\/em><\/figcaption><\/figure>\n

For context, the FTX event sparked $145 billion in realized losses \u2014 over 10 times the June 5 tally.<\/p>\n

Exchange BTC traders not rushing for the exit<\/h2>\n

The latest data available covering exchange balances tells a similar story of resilience.<\/p>\n

Related:\u00a0Binance net outflows hit $778M on Ethereum since SEC charges: Nansen<\/a><\/em><\/strong><\/p>\n

As per Glassnode\u2019s tracking tools<\/a>, major exchanges saw only a modest decrease in BTC balances on June 5\u20136.<\/p>\n

This totaled around 12,600 BTC, potentially indicating a similar lack of desire among users to remove their funds from hot wallets.<\/p>\n

Compared to FTX, the situation once again stands out, as mass exchange withdrawals characterized much of last November.<\/p>\n

Bitcoin Exchange Balance chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n

Continuing, statistician Willy Woo noted that the lack of action at Binance came despite its United States regulators petitioning to freeze its domestic assets<\/a>.<\/p>\n

\u201cBinance customers don\u2019t care. Not seeing much BTC leaving, not yet at least,\u201d part of Twitter commentary stated<\/a>.<\/p>\n

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SEC motions to freeze assets on Binance exchange.<\/p>\n

Binance customers don’t care. Not seeing much BTC leaving, not yet at least. pic.twitter.com\/1zOxfV8vL3<\/a><\/p>\n

\u2014 Willy Woo (@woonomic) June 7, 2023<\/a><\/p><\/blockquote>\n

Magazine: Bitcoin is on a collision course with \u2018Net Zero\u2019 promises<\/a><\/em><\/strong><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n


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Bitcoin (BTC) hitting three-month lows did not spur hodlers to panic sell, on-chain data shows. According to analytics firm Glassnode, BTC investors have largely ignored the latest crypto exchange legal battles. On-chain losses \u201cremain quiet\u201d BTC\/USD dipped to just $25,350 on June 6, its lowest since mid-March \u2014 but it seems existing holders simply do […]<\/p>\n","protected":false},"author":1,"featured_media":52867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[925,267,194,9333,12394,2237,4831,2185,7961,399],"class_list":["post-52866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-asset","tag-binance","tag-btc","tag-freeze","tag-muted","tag-outflows","tag-panic","tag-selling","tag-shun","tag-users"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/06\/f088cae8-8567-4bd6-83d0-d09ab3a4177b.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/52866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52866"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/52866\/revisions"}],"predecessor-version":[{"id":52868,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/52866\/revisions\/52868"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/52867"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52866"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}