According to Glassnode data, $6.2 billion in BinanceUSD (BUSD) was removed from exchanges in the last 30 days.
The figure below depicts the change in the net position of BUSD on exchanges. The green spikes reflect BUSD inflows, whereas the red spikes represent outflows. According to the graph, BUSD outflows began in late November 2022 and increased dramatically during December 2022.
During this moment, the supply of BUSD fell below $20 billion for the first time since September 2022.
Following a surge in withdrawals on the exchange, the market cap of the Binance-backed stablecoin fell by more than 15%. As concerns about Binance's financial stability grew, crypto investors shifted a large portion of their BUSD holdings into other stablecoins such as USD Coin (USDC) and Tether (USDT).
Binance experienced enormous outflows from its reserves in mid-December, processing $6.6 billion in withdrawals over a seven-day period at the height of the FUD.
Further investigation revealed that $2 billion BUSD had been withdrawn since December 15. According to Glassnode data, the stablecoin supply has dropped to $16.42 billion from $18.64 billion at the time of publication.
Meanwhile, the above graphic reveals that the BUSD's exchange balance has fallen below $16 billion. According to the graph, $13.2 billion is currently on exchanges, with Binance holding the lion's share.
According to Nansen's data, about $11 billion BUSD is held on Binance, accounting for roughly 24% of the exchange's $53.85 billion reserve. Another $26.83 million is now being traded on Crypto.com.
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