{"id":12259,"date":"2023-06-08T05:20:08","date_gmt":"2023-06-08T05:20:08","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12259"},"modified":"2023-06-08T05:20:09","modified_gmt":"2023-06-08T05:20:09","slug":"what-asset-freeze-binance-btc-outflows-muted-as-users-shun-panic-selling","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12259","title":{"rendered":"What asset freeze? Binance BTC outflows muted as users shun panic selling"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) hitting three-month lows did not spur hodlers to panic sell, on-chain data shows.<\/p>\n<p>According to analytics firm Glassnode, BTC investors have largely ignored the latest crypto exchange legal battles.<\/p>\n<h2>On-chain losses \u201cremain quiet\u201d<\/h2>\n<p>BTC\/USD dipped to just $25,350 on June 6, its lowest since mid-March \u2014 but it seems existing holders simply do not care.<\/p>\n<p>The latest data covering on-chain transactions shows that in the midst of reactions to the Binance and Coinbase lawsuits, few were in \u201cpanic sell\u201d mode.<\/p>\n<p>A chart uploaded to Twitter by Glassnode showed realized losses \u2014 coins moving at a lower value than their previous transaction \u2014 staying cool.<\/p>\n<p>This marked a shift in sentiment for the investor base as a whole, coming in stark contrast to the events that followed the implosion of exchange FTX in late 2022.<\/p>\n<p>\u201cFollowing a crescendo in US regulatory pressure on major cryptocurrency Exchanges Binance and Coinbase, the market experienced significantly volatile moves in both directions,\u201d Coinglass reported.<\/p>\n<p>\u201cHowever, the magnitude of Realized Losses recorded On-Chain remains quiet at $112M. This remains -$3.05B (-96.5%) smaller than the largest recorded capitulation event, suggesting an increased degree of resilience amongst market participants.\u201d<em>Bitcoin Entity-Adjusted Realized Loss annotated chart. Source: Glassnode\/Twitter<\/em><\/p>\n<p>For context, the FTX event sparked $145 billion in realized losses \u2014 over 10 times the June 5 tally.<\/p>\n<h2>Exchange BTC traders not rushing for the exit<\/h2>\n<p>The latest data available covering exchange balances tells a similar story of resilience.<\/p>\n<p><strong><em>Related:\u00a0Binance net outflows hit $778M on Ethereum since SEC charges: Nansen<\/em><\/strong><\/p>\n<p>As per Glassnode\u2019s tracking tools, major exchanges saw only a modest decrease in BTC balances on June 5\u20136.<\/p>\n<p>This totaled around 12,600 BTC, potentially indicating a similar lack of desire among users to remove their funds from hot wallets.<\/p>\n<p>Compared to FTX, the situation once again stands out, as mass exchange withdrawals characterized much of last November.<\/p>\n<p><em>Bitcoin Exchange Balance chart. Source: Glassnode<\/em><\/p>\n<p>Continuing, statistician Willy Woo noted that the lack of action at Binance came despite its United States regulators petitioning to freeze its domestic assets.<\/p>\n<p>\u201cBinance customers don\u2019t care. Not seeing much BTC leaving, not yet at least,\u201d part of Twitter commentary stated.<\/p>\n<p lang=\"en\" dir=\"ltr\">SEC motions to freeze assets on Binance exchange.<\/p>\n<p>Binance customers don&#8217;t care. Not seeing much BTC leaving, not yet at least. pic.twitter.com\/1zOxfV8vL3<\/p>\n<p>\u2014 Willy Woo (@woonomic) June 7, 2023<\/p>\n<p><strong><em>Magazine: Bitcoin is on a collision course with \u2018Net Zero\u2019 promises<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/what-asset-freeze-binance-btc-outflows-muted-as-users-shun-panic-selling\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) hitting three-month lows did not spur hodlers to panic sell, on-chain data shows. According to analytics firm Glassnode, BTC investors have largely ignored the latest crypto exchange legal battles. On-chain losses \u201cremain quiet\u201d BTC\/USD dipped to just $25,350 on June 6, its lowest since mid-March \u2014 but it seems existing holders simply do [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12259"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12259\/revisions"}],"predecessor-version":[{"id":12261,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12259\/revisions\/12261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12260"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}