A post from November 22 states that although withdrawals are still occurring, Nansen is still waiting to witness a large-scale capital outflow.
There were more withdrawals than inflows early in the day, with a $17 million negative netflow. Simultaneously, the blockchain analytics company has experienced significant expansion, going from $64.6 billion to $65.2 billion when accounting for both withdrawals and market swings.
In addition, Nansen highlights several trends by examining the shifts in token holdings within Binance’s top assets over the same period of time. Holdings of Bitcoin decreased by $76 million, while USDT suffered a fall of $246 million.
Conversely, holdings of BNB increased by $97 million, holdings of ETH increased by $196 million, and holdings of AETH increased by $59 million. The holdings of other stablecoins, such as TUSD and XRP, remained stable.
Significant improvements were seen in SOL, LINK, and SHIB holdings, with rises of $34 million, $27 million, and $12 million, in that order. On the other hand, while MATIC holdings climbed by $14 million, USDC and BUSD holdings declined by $39 million and $11 million, respectively.
A Reflection of Negative Sentiment
This information is released in the midst of what has been described as a wild start to the week for the cryptocurrency sector, following the announcement of criminal charges against Binance and its CEO, Changpeng Zhao, by the U.S. Department of Justice (DOJ) and the SEC against the Kraken exchange.
The recent news caused a decline in cryptocurrency prices overall; in the last day, the worldwide market value shrank by 3%, crossing the $1.4 trillion mark.
