BNB’s long-term holders were forced to liquidate positions worth $1 million on 27 March. Over the past 24 hours, the net inflow from Binance exchange was negative. Binance’s native token Binance Coin [BNB] plunged nearly 6% in the past 24 hours, after the U.S. Commodity Futures Trading Commission (CFTC) alleged that crypto behemoth and founder […]
filed by the CFTC accused Binance of operating an illegal crypto derivatives exchange and, in turn, using unfair practices to evade regulatory scrutiny of U.S.-based customers.
Since the development, tokens worth $1.19 billion were flown out of the exchange, as growing FUD prompted users to keep funds in self-custody rather than centralized exchanges . Over the past 24-hour period, the net inflow was negative.Things were not looking too good on the DeFi front as well. The trading volume of decentralized exchanges on the BNB Chain dropped significantly.
Since hitting a four-month high on 12 March, the activity has contracted by as much as 70% at press time, data from DeFiLlama showed. The total weekly volume also fell by nearly 25%.As per Santiment, the daily transaction volume in loss jumped over 600% in the last week. However, whale transactions rose to their highest value since 22 March after the lawsuit, implying that big addresses could be buying the dip.
The 30-day MVRV Ratio went downhill since mid-March as the overall profitability of the network declined.The news of the regulatory action has also resulted in an increase in short positions taken for BNB. Data from Coinglass showed that Longs/Shorts Ratio fell below 1 as investors shied away from betting big on the coin.Read the best crypto stories of the day in less than 5 minutes
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