What asset freeze? Binance BTC outflows muted as users shun panic selling

The three-month low of Bitcoin (BTC) did not cause hodlers to panic sell, as evidenced by on-chain data.

Glassnode, an analytics firm, reports that BTC investors have paid little attention to the most recent legal disputes involving crypto exchanges.

On-chain losses “remain quiet”

The price of BTC/USD dropped to a mere $25,350 on June 6, its lowest since the middle of March; however, current holders appear to be unconcerned.

The most recent information regarding on-chain transactions reveals that, despite the reactions to the Binance and Coinbase lawsuits, there were few who engaged in “panic selling”.

A chart uploaded to Twitter by Glassnode indicated that realized losses – coins being sold for less than their previous transaction – were stable.

The sentiment of the entire investor base changed significantly, which was in sharp contrast to what happened after the collapse of the FTX exchange in late 2022.

After the US government increased its regulations on major crypto Exchanges Binance and Coinbase, the market saw a lot of fluctuation in terms of price, according to Coinglass.

The FTX event caused a total of $145 billion in actual losses, a figure that is more than ten times larger than the amount recorded on June 5.

Exchange BTC traders not rushing for the exit

The most recent exchange balance data paints a picture of resilience.

Net outflows from Binance totaling $778M on Ethereum have been reported since the SEC charges were announced by Nansen.

According to Glassnode’s monitoring tools, the main exchanges experienced only a slight decrease in their BTC holdings on June 5-6.

This amounted to approximately 12,600 BTC, suggesting that users may not be keen to withdraw their funds from hot wallets.

In comparison to FTX, the circumstances stand out once more, as there were many mass exchange withdrawals last November.

Despite a petition from United States regulators to freeze its domestic assets, Binance has taken no action in response. This was highlighted by statistician Willy Woo.

“Commentary on Twitter noted that Binance customers are not exhibiting much concern, as there has not been a notable outflow of Bitcoin yet.”

The magazine states that Bitcoin is heading towards fulfilling its promise of reaching ‘Net Zero’.

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