Glassnode: Binance Has More Than Enough Bitcoins

1. Glassnode has made an analysis of Binance`s Bitcoin holdings.
2. According to them, Bitcoins held by Binance are roughly 584.6k.
3. CZ said in an AMA that the persistent FUD is frustrating.

A recent analysis from Glassnode reflects the stability in the colossal crypto exchange, Binance. This comes at a time when cryptocurrency exchanges are making attempts to demonstrate transparency to their clients. Notably, this is due to the FUD circulating around the crypto market which has also led the market to its feet.

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Glassnode estimates that the total number of Bitcoins held by Binance is roughly 584.6k. This is in comparison to the self-reported amount of 359.3k $BTC that is held in Proof-of-Reserves wallets.

Therefore, crypto fans have been urged to resist the FUD and rely instead on facts on-chain in the face of extreme market pressure.

This also comes after Changpeng Zhao spent time in mid-December addressing many consumers’ inquiries about critical problems. Reportedly, Zhao had previously said that the exchange will remain stable regardless of the number of withdrawals made. During a “ask me anything” session on Twitter, this happened.

CZ said in the AMA that the persistent FUD is frustrating. However, he emphasized that customers have the freedom to withdraw their assets from Binance at any time. He also said that the exchange is responsible for making sure withdrawals go through without a hitch.

Additionally, it is essential to take into account the fact that the company has recorded a substantial volume in combined outflows of stablecoins. Stablecoins worth an equivalent of around $3.2 billion has been removed from the market during the last 30 days. 

This is due to the fact that the currencies continued to serve as the primary focus of the Binance FUD. BUSD, USDT, USDC, and DAI are some examples of stablecoins that have been withdrawn.

Read Also :

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