Binance and Coinbase Record Over 30% Decline in Volumes

Centralized Crypto Exchanges Witness Significant Outflows

Centralized crypto exchanges (CEX) have experienced substantial outflows in the past 24 hours, with Binance, Coinbase, Bybit, and OKX reporting declines in volumes exceeding 30%.

On-Chain Data Reveals Sell-Offs and Potential Buys

On-chain data indicates a surge in withdrawals from centralized exchanges. Analysts speculate that this may signal broader market sell-offs and potential long-term buying opportunities for some investors.

Intra-Day Crypto Trading Declines

Intra-day crypto trading has witnessed a downturn, with most assets losing previous gains as market sentiment shifts. Market leader Bitcoin has declined by 1.21%, currently trading at $69,836.

Binance and Coinbase Lead Declines

Leading centralized crypto exchanges Binance and Coinbase have observed decreased activity today. Binance recorded a daily volume of $23.7 billion, marking a 31% decline amidst a broader plunge in crypto-asset prices. Coinbase, the largest crypto exchange by volume in the United States, experienced outflows of 47.9%, following market uncertainties. Trading volume remained above $3 billion.

Bybit's Volumes Drop

Bybit, the second-largest global exchange by volumes, saw a 30.5% decline. Despite the outflows, trading activity stood at approximately $5.04 billion.