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Binance Users Defy Panic Selling: BTC Outflows Remain Stable Amid Asset Freeze Concerns

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BTC holders remain unfazed by Binance and Coinbase lawsuits, resisting the panic to make any sales despite a three-month price decline.

According to on-chain data, the recent news of legal battles surrounding Binance and Coinbase seems to have had little impact on Bitcoin (BTC) holders, as they remain steadfast, unlike their Ether counterparts.

Despite BTC/USD briefly hitting a low of $25,350 on June 6, existing holders have displayed a notable lack of concern.

Glassnode, a firm monitoring the rise and fall in market numbers, curated this analytical information.

BTC Exchange Traders Show Proof That There Is No Rush To Exit

The latest data on exchange balances further supports the resilience of BTC holders.

Glassnode’s tracking tools indicate that major exchanges witnessed only a modest decrease in BTC balances on June 5-6, totaling around 12,600 BTC.

READ ALSO: GameStop Shakes Up Leadership: Matt Furlong Terminated Amid Crypto Retreat

This analysis suggests that users have shown little desire to withdraw their funds from hot wallets, distinguishing the current situation from the mass withdrawals witnessed in November.

BITCOIN

Annotated chart of Bitcoin Entity-Adjusted Realized Loss.

This demonstrates a shift in sentiment among the investor base, marking a sharp contrast to the aftermath of FTX’s collapse in late 2022.

During that event, realized losses amounted to over $145 billion, starkly contrasting the significantly lower losses observed on June 5.

On-chain transaction data analyzed by Glassnode tools indicates that BTC investors have largely ignored the ongoing lawsuits and have not succumbed to panic selling.

Glassnode’s chart reveals that realized losses, which track coins moving at a lower value than their previous transaction, have remained relatively stable.

 

“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.

SEC Regulatory Pressure Won’t Force Bitcoin Out

Notably, Binance, despite facing regulatory pressure in the United States and attempts to freeze domestic assets, has yet to see significant BTC outflows.

A popular Twitter commentary by statistician Willy Woo reads, “Binance customers don’t care. Not seeing much BTC leaving.

He shared the Bitcoin exchange balance chart and mentioned SEC’s motion to freeze assets on the Binance exchange.

The tweet evoked an outburst of comments with individuals, possibly asset holders partaking in the optimistic discussion.

A particular comment on this tweet stuck out.

Clearly, the market response indicates limited impact so far.

The account handler, Cryptodog @Sherlockrypto, is famous in the space as a blockchain analyst and an active Bitcoin holder.

There are shreds of evidence of more BTC holders demonstrating their resilience and resistance to panic selling.

The market awaits further developments in the legal battles surrounding major cryptocurrency exchanges and SEC, while BTC maintains stability in the face of recent challenges.

 

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