Last week, the SEC sued Binance and its CEO, CZ, for violating securities laws.
After this lawsuit, there were big money outflows from the stock market. Nansen, who has studied the flow of funds on Binance, said that since the lawsuit was filed, the flow of funds has turned green for Binance.
According to Nansen's data, Binance has a net flow of $470 million in the last 24 hours.
“According to all the on-chain data Nansen is tracking, it looks like fund flows have turned green for Binance.
The data shows that Binance had a net flow of $470 million in the last 24 hours.
While this is certainly a small amount compared to the nearly $4 billion outflow of funds from the exchange last week, it is still something to note for Binance.”
Speaking to Coindesk, some analysts evaluated the lawsuit against Binance and its effects.
In this context, Michael Rosmer, co-founder of crypto security firm De.Fi, said that this data shows that the price has stabilized in altcoins, which are mentioned as securities in the SEC's lawsuits against Binance and Coinbase last week.
“Last week, the SEC sued Binance and Coinbase and treated some altcoins as securities in the lawsuits, and prices fell sharply.
But people said there's a buying opportunity here and let's come and get it. And prices turned green. Because whenever you get a sale very fast, people will buy it and the direction will go up.”
QCP Capital analysts also pointed out the US CPI and FED's interest rate announcement for June this week and said that this month will be full of action.
Analysts "These events indicate that there is volatility on the horizon for cryptocurrencies." said.
Analysts, who also evaluated the decline in BNB, said that BNB is still in the red zone, but the price has started to stabilize.
BNB continues to trade at $238, up 4% in the last 24 hours.
*Not investment advice.