Outflow from Binance to $ 700 million ─ Metaverse Token fell sharply | CoinDesk JAPAN | Coin Desk Japan

Crypto markets after the U.S. Securities and Exchange Commission (SEC) sued cryptocurrency exchange Binance and its founder Changpeng Zhao, AKA CZ, for allegedly violating federal securities laws. There is no sign that the turmoil will subside even on June 6th.

According to data from Nansen.ai, all protocol outflows from Binance reached $719 million in 24 hours.

(Nansen.ai)

Net outflow reached $230 million during US trading hours after the SEC announced a lawsuit against Binance.

Nansen’s data also show that Binance’s stablecoin balance is healthy, despite seemingly staggering net outflows that show no signs of slowing down. The exchange’s stablecoin balance is currently over $8 billion (approximately ¥1.12 trillion), with outflows of $519 million (approximately ¥72.375 billion) in the last 7 days, and about 6 of its holdings. %. OKX, the next largest exchange, has a balance of $4 billion.

South Korean cryptocurrency analytics firm CryptoQuant said in a Twitter thread that withdrawals were within historical practice.It pointed out.

(Nansen.ai)

SAND, MANA led the decline

In the complaint, the SEC alleges Binance Coin (BNB), Solana (SOL), Cardano (ADA), Polygon (MATIC), Coti (COTI) and Algorand (ALGO), Filecoin (FIL), and Cosmos (ATOM). , Sandbox (SAND), Axie Infinity (AXS) and Decentraland (MANA), among others, are securities.

Most of these tokens continued their decline during Asian trading hours.

Metaverse-related SAND and MANA led the declines, with SAND declining 13% to $0.52 and MANA declining 11.6% to $0.45. Meanwhile, Binance BNB is down 8% to $276.48.

The CoinDesk Market Index (CMI) remained flat, down 0.08%.

According to CoinGlass, $26 million positions were liquidated during Asian trading hours, of which $16.8 million were long positions. As a result, the total liquidation amount in 24 hours was $ 296.5 million (about 41,353 million yen), and $ 271 million (about 37.8 billion yen) was long.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Nansen.ai
｜Original: Binance Lawsuit Triggers $700M in Withdrawals; Metaverse Tokens Named by SEC Lead Decline