Justin Sun Looks to Calm Crypto Market Fear as BNB Falls 8%, Withdrawals Continue on Binance
A general sense of unease about the health of Binance continued through the market during the Asian trading hours on Tuesday.
Part of the market’s anxiety over Binance likely came from reports that Tron’s Justin Sun withdrew a combined $50 million from Binance. Sun, however, looked to calm market fears by tweeting a link to Etherscan, showing that he had deposited $100 million USDC back into the exchange.
On-chain data shows withdrawals across all chains hit the $1.8 billion mark during the last 24 hours. Data from Nansen shows that Paxos and Huobi were the recipients of some of this inflow, with around $162 million of netflow between the two exchanges.
Coinbase saw a sharp rise in inflow, specifically during the Asian trading hours, with around $124 million coming into the exchange during the day.
Binance’s exchange token, BNB, often seen as a barometer of the fortune of the exchange, is down 8% on-day to $259, according to CoinGecko.
Data from DeFiLlama shows that the total value locked in Binance Service Chain (BSC) DeFi protocols is down 4.5% during the past 24 hours.
Read more: Binance Withdrawals Surge as Concerns About Its Reserve Report Spook Traders