Binance USDC withdrawals top 1 billion per day this week

Data from Glassnode analyzed by CryptoSlate shows that USDC leaving Binance is at yearly highs, according to the Exchange Net Position Change chart below. Since August 2021, USDC inflows/outflows to/from Binance have been alternating. The previous three instances of outflows have been growing more significant in magnitude. Further analysis reveals that over $1 billion per day left Binance’s USDC hot wallets this week. Net inflows refer to an amount of stablecoin deposited into the exchange wallet. By contrast, net outflows refer to an amount of stablecoin withdrawn from the exchange wallet.