Blockchain data by crypto intelligence firm Nansen shows that Coinbase net outflows over a 24-hour period totaled $600 million, and The withdrawal surge on Binance has been even larger following the regulatory actions, according to Nansen data. Following the U.S. Securities and Exchange Commission’s (SEC) lawsuits against Coinbase and Binance, traders have withdrawn a combined total of $2.18 billion in cryptocurrencies over the past two days.
Real-time blockchain data by Arkham Intelligence suggests that both exchanges are processing withdrawals in order. Coinbase withdrawals soared on Monday and Tuesday, with net outflows reaching $450 million within an hour of the SEC’s lawsuit against Binance. On Tuesday, Coinbase withdrawals rose again following the SEC’s suit against the exchange, then subsided.
The magnitude of the outflows aligns with prior stressful events in the crypto industry, including the crypto banking crisis in March and the collapse of Sam Bankman-Fried’s FTX exchange late last year. The latter shook investor confidence in centralized exchanges.