The top 10 cryptocurrency exchanges have witnessed significant negative net flows after the FUD (fear, uncertainty and doubt) around Binance and Coinbase rose.
Last week, the US Securities and Exchange Commission (SEC) sued Binance and Coinbase, triggering a massive sell-off in the global crypto market. However, the situation seems to be back to normal at the moment.
According to the on-chain data provided by Glassnode, the top three crypto assets — bitcoin (BTC), ethereum (ETH), and tether (USDT) — have witnessed outflows of more than $4.6 billion over the past week.
Moreover, BTC and USDT’s outflows are $806 million and $869 million, respectively. Ethereum’s net flows over the past week, on the other hand, are recorded to be roughly $3 billion, according to Glassnode.
Glassnode’s data shows a massive sell-off as the US SEC took legal action against the top two crypto exchanges.
Furthermore, CoinMarketCap (CMC) data shows that the top 10 crypto exchanges’ 24-hour trading volumes have plunged over the past day. Binance and Coinbase saw 22% and 33% drops, respectively.
According to CMC, Bitstamp and Bitfinex’s trading volumes declined the most — 40% and 42% — among the top 10 exchanges.
CMC data shows that the global crypto trading volume rose to almost $50 billion on June 6 and saw another massive surge to over $54.6 billion on June 11. The number currently stands at $27.6 billion, showing an almost 50% drop in the past 24 hours.
The global crypto trading volume drop suggests that the mass sell-off might have ended.
