Around $6 billion worth of Binance USD (BUSD) was withdrawn from exchanges in the past 30 days, according to CryptoSlate’s analysis of Glassnode data.
BUSD exchange balance
The orange line in the chart below represents the BUSD balance on all crypto exchanges included in Glassnode. The chart starts from the beginning of the year and shows two periods where BUSD reserves in exchanges have grown.
The first one lasted during February when the BUSD balance recorded a 33% growth, increasing to $18 billion from around $13.5 billion. After that, the BUSD reserves fell to around $16.5 billion in late August — the second growth period.
From late August to mid-November, the amount of BUSD held on exchanges grew by another 33% and increased to around $22 billion from $16.5 billion.
However, the exchanges failed to maintain this level. As is also represented in the chart, the exchanges lost around $6 billion worth of BUSD in the last 30 days, which retreated the BUSD balance on exchanges back to just above $15 billion.
The chart below shows the exchange net position change of BUSD held on exchanges. The green areas indicate an inflow of BUSD, while the red ones represent an outflow.
The inflows and outflows represented in the above chart also match the BUSD balance movements shown in the first one. According to the net position data, BUSD outflows started in late November and only grew in amount since then.
In the meantime, CryptoSlate data indicates that the BUSD price recorded a 0.35% fall in the last 30 days. The BUSD is being traded for around $1.00008 at the time of writing, which is 14.94% less than its all-time high recorded on Nov. 25, 2019.
BUSD dominance
In early November, BUSD was the best-performing stablecoin amongst the top three stablecoins — the other two being Tether (USDT) and USD Coin (USDC). Data from Nov. 4 showed that BUSD dominance had grown 6% on a year-to-date basis, while USDT supply fell 4%.
By mid-December, BUSD had lost its dominance. While BUSD supply fell below $20 billion, USDC claimed dominance as its supply grew over $45 billion.
The post BUSD balance on exchanges down $6B over 30 days appeared first on CryptoSlate.
