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OKX, Crypto.com and Bybit benefit as Binance crypto outflows surge

on Jun 6, 2023
  • Binance has seen outflows of more than $778 million mainly on the Ethereum blockchain.
  • The Outflows follows SEC’s charges against Binance for violating federal securities laws.
  • Okx, Crypto.com, and Bybit have seen a surge in inflows amid the increased Binance outflows.

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While the crypto market showed no signs of letting up after the US Securities and Exchange Commission (SEC) sued Binance, the exchange has suffered increased crypto outflows. The SEC sued Binance, its US affiliate, and its founder Changpeng “CZ” Zhao on claims of violating federal securities laws.

According to data from data aggregators like Seoul-based crypto analytics firm CryptoQuant and Nansen, outflows from Binance across all protocols surged above $719 million in the last 24 hours. Immediately after the SEC announced it had sued Binance, net outflows suddenly surged to $230 million.

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Crypto exchanges benefiting from Binance crypto outflows

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According to data on Nansen, as Binance witness a surge in outflows, other cryptocurrency exchanges like OKX, Bybit, and Crypto.com have reported increased inflows.

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Source: Nansen.ai

Nevertheless, CryptoQuant in a Twitter thread stated that while there are increased withdrawals, the withdrawals are within the historical norms.

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According to the data, a majority of the withdrawals are on the Ethereum blockchain. Nansen data shows that the stablecoin balance on Binance remains healthy at just over $8 billion, which is roughly 6% of the exchange’s holdings.

OKX, which has witnessed the largest crypto inflows in the past 24 hours, has a stablecoins balance worth $4 billion.

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At 9:15 am UTC, which was 24 hours after the SEC sued Binance, the crypto exchange had seen $14.8 million of assets flowing in against $50.5 million worth of assets flowing out. One hour after the SEC news broke, Binance saw about $1.4 billion worth of outflows, which amounted to 2,.6%of the exchange’s total reserves.

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