How did investors react to the Sec, Bony and Coinbase fiasco? Glassnode reports

How did investors react to the Sec, Bony and Coinbase fiasco? Glassnode reports

Glassnode published a report on Monday in which investors' behavior was broken down after the US stock exchange supervision SEC (Securities and Exchange Commission) sued two of the world's largest cryptocurrency exchanges.

The report confirmed an increase in the number of short-term crypto owners who send their credit on stock exchanges.

Exchange deposits and withdrawals

The report Repeated knowledge of last week Meanwhile, Binance's stable coin balance suffered the greatest break-in and decreased by $ 1.6 billion ($ 20.9 %) last week. Since the collapse of FTX in November 2022, the StableCoin credit from Binance has decreased by a whopping 75 % from $ 26 billion to only $ 6.5 billion-mostly due to another Procedure of the sec

"The stock exchange still has some of the largest reserves of all companies in the chain, and their BTC and ETH credit are still quite considerable," said Glassnode.

Coinbase-which was sued on the day after Binance due to multiple violations of securities law-faced comparatively smaller Bitcoin (BTC) withdrawals of only 2300 BTC (0.5 %). However, the withdrawals from Ethereum with 291,000 ETH (8.0 %) were much more pronounced, which may indicate an increased fear of investors about the company's staking as-a-service product.

behavior according to cohort

The investor behavior on stock exchanges also seemed to vary depending on the cohort: for transactions of less than $ 10 million, these were constant withdrawals, while transactions over $ 10 million were constant deposits, with the net inflows between $ 15 and $ 30.

"This indicates that very large companies (e.g. institutions) are affected by the second messages compared to smaller companies," wrote Glassnode.

In addition, short-term crypto holders show increased activity and make up 76 % of the latest BTC deposit volume (compared to the typical 60 %). Such deposits made 0.93 % of the total credit of the short -term owners of stock exchanges. In contrast, long -term owners showed "no recognizable reaction to the news".

Analysis of cryptoquant suggests that even short-term owners hesitate to sell their coins too much, since the cohort is waiting for an opportunity with their purchases more achieve.

The entire cryptom market collapsed after the complaints of the sec last week, in particular with the coins the pain increases targeted by the coin base submission of the agency: solana (solana), Cardano (ADA) and Polygon (Matic).

.