Binance lost 16% share of its global trading volume in Q1 2023 The net stablecoin outflow reached -$295 million/day, which was the largest ever outflow witnessed by the exchange Binance lost a sizable chunk of the global market share in the first quarter of 2023, as regulatory bodies tightened their chokehold around the world’s largest […]
The daily net flow of stablecoins flowing through Binance was plotted on a chart as shown below. Furthermore, a 14-day EMA was also used to offset the impact of daily flows.
Recently, the net outflow reached -$295 million/day, which was the largest net outflow in the history of the cryptocurrency exchange. According to the graph, the indicator was already on witnessing a downtrend and in a negative area over the past few weeks.As per Glassnode, the primary reason behind the record outflows was the drastic increase in redemptions of, following the news of Paxos halting the issuance of the stablecoin in February.
Additionally, the graph below captured the notable decline in the balance of the third-largest stablecoin on Binance exchange. This was once the most-preferred stablecoins on the platform. From a peak of almost $21 billion during November 2023, it shrunk to $6 billion at press time.As per data from DeFiLlama, the stablecoin market cap on theTether [USDT] had a market dominance of nearly 50% while BUSD’s market cap shrunk by 20% to stand at $2.
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