What asset freeze? Binance BTC outflows muted as users shun panic selling
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.
BTC/USD dipped to just $25,350 on June 6, its lowest since mid-March — but it seems existing holders simply do not care.
The latest data covering on-chain transactions shows that in the midst of reactions to the Binance and Coinbase lawsuits, few were in “panic sell” mode.
A chart uploaded to Twitter by Glassnode showed realized losses — coins moving at a lower value than their previous transaction — staying cool.
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.
“Following a crescendo in US regulatory pressure on major cryptocurrency Exchanges Binance and Coinbase, the market experienced significantly volatile moves in both directions,” Coinglass reported.
For context, the FTX event sparked $145 billion in realized losses — over 10 times the June 5 tally.
The latest data available covering exchange balances tells a similar story of resilience.
Related: Binance net outflows hit $778M on Ethereum since SEC charges: Nansen
As per Glassnode’s tracking tools, major exchanges saw only a modest decrease in BTC balances on June 5–6.
This totaled around 12,600 BTC, potentially indicating a similar lack of desire among users to remove their funds from hot wallets.
Compared to FTX, the situation once again stands out, as mass exchange withdrawals characterized much of last November.
Continuing, statistician Willy Woo noted that the lack of action at Binance came despite its United States regulators petitioning to freeze
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