{"id":76651,"date":"2023-04-04T11:52:29","date_gmt":"2023-04-04T08:52:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=76651"},"modified":"2025-09-10T18:37:51","modified_gmt":"2025-09-10T15:37:51","slug":"glassnode-regulatory-pressure-on-binance-has-not-broken-bitcoin-hodlers","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-regulatory-pressure-on-binance-has-not-broken-bitcoin-hodlers\/","title":{"rendered":"Glassnode: Regulatory pressure on Binance has not broken Bitcoin hodlers"},"content":{"rendered":"<p><a href=\"https:\/\/u1f987.com\/en\/news\/cftc-files-suit-against-binance-and-changpeng-zhao\">The CFTC<\/a>&#8216;s lawsuit against Binance and its CEO Changpeng Zhao did not lead to a significant outflow of users from the platform, nor did it shake investors&#8217; confidence in the leading cryptocurrency. Analysts at Glassnode concluded as much.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">With Binance firmly in the cross-hairs of US regulators, we investigate how the market has responded by assessing the netflow of coins through exchanges. <\/p>\n<p>We also evaluate the supply dynamics of Bitcoin, to gauge the current state of holder confidence.<a href=\"https:\/\/t.co\/JgxyrXIvYN\">https:\/\/t.co\/JgxyrXIvYN<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1642905965107335168?ref_src=twsrc%5Etfw\">April 3, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Against the backdrop of Bitcoin&#8217;s price continuing to consolidate in a narrow range with readings above $29,000, analysts noted a structural shift in stablecoins.<\/p>\n<p>From its peak of $161.56 billion a year ago, the market capitalization of the four main &#8220;stablecoins&#8221; fell by 22% ($125.8 billion).<\/p>\n<p>The USDT share rose to 63.7% ($79.5 billion) as USDC, which since the <span data-descr=\"depeg of the stablecoin from parity\" class=\"old_tooltip\">depeg<\/span> amid turbulence in the US banking sector has recorded a net fiat conversion of $10 billion ($33.3 billion). The share of the Circle- and Coinbase-managed stablecoin declined to 26.5%.<\/p>\n<p>The market capitalization of BUSD collapsed by 52% \u2014 to $7.7 billion with a 6.1% share, since the <span data-descr=\"New York State Department of Financial Services\" class=\"old_tooltip\">NYDFS<\/span> ordered Paxos to stop issuing the stablecoin.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/image-148.webp\" alt=\"image-148\" class=\"wp-image-203320\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Analysts found a record net outflow of stablecoins on the Ethereum blockchain from Binance wallets amounting to $295 million (<span data-descr=\"14-day exponential moving average\" class=\"old_tooltip\">14D EMA<\/span>).<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/image-149.webp\" alt=\"image-149\" class=\"wp-image-203321\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Binance&#8217;s balance denominated in Bitcoin and Ethereum, since the start of the year, rose by 67,930 BTC in Bitcoin terms and showed zero momentum in Ethereum terms.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Even with the net outflow of stablecoins, the market does not express broad concern about the exchange&#8217;s position. The rising tensions between Binance and regulators have not affected its status as the largest CEX,&#8221;<\/em> \u2014 analysts noted.<\/p>\n<\/blockquote>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/image-150.webp\" alt=\"image-150\" class=\"wp-image-203322\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<p>The current phase of Bitcoin&#8217;s recovery has led to a modest transfer of wealth, expressed in HODL waves, from holders (coins held for more than three months) to &#8220;hot money&#8221; (less than 90 days). The share of the latter rose by 4.9%.<\/p>\n<p>In absolute terms, speculators still account for only 10-15% of the &#8220;total wealth&#8221;, which is typical for bottom-forming periods, the experts noted.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/image-152.webp\" alt=\"image-152\" class=\"wp-image-203326\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<p>Back in March 2023, the founder and CEO of Messari, Ryan Selkis, <a href=\"https:\/\/u1f987.com\/en\/news\/messari-ceo-forecasts-bitcoin-to-reach-100-000\">forecasted<\/a> Bitcoin to rise to $100,000 within 12 months. He called the leading cryptocurrency a sound investment amid the troubles facing the US economy.<\/p>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/cnbc-major-players-forecast-bitcoin-to-reach-100000\">Expressed<\/a> by many industry experts, CNBC&#8217;s poll reflected a similar view.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CFTC&#8217;s lawsuit against Binance and its CEO Changpeng Zhao did not lead to a significant outflow of users from the platform, nor did it shake investors&#8217; confidence in the leading cryptocurrency. Analysts at Glassnode concluded as much.<\/p>\n","protected":false},"author":1,"featured_media":76652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1273,1145],"class_list":["post-76651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-glassnode","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=76651"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76651\/revisions"}],"predecessor-version":[{"id":76653,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76651\/revisions\/76653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/76652"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=76651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=76651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=76651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}