Last week, the US Securities and Exchange Commission (SEC) sued Binance and Coinbase, triggering a massive sell-off in the global crypto market. However, the situation seems to be back to normal at the moment.
According to the on-chain data provided by Glassnode, the top three crypto assets — bitcoin (BTC), ethereum (ETH), and tether (USDT) — have witnessed outflows of more than $4.6 billion over the past week.
Moreover, BTC and USDT’s outflows are $806 million and $869 million, respectively. Ethereum’s net flows over the past week, on the other hand, are recorded to be roughly $3 billion, according to Glassnode.
Glassnode’s data shows a massive sell-off as the US SEC took legal action against the top two crypto exchanges.
Furthermore, CoinMarketCap (CMC) data shows that the top 10 crypto exchanges’ 24-hour trading volumes have plunged over the past day. Binance and Coinbase saw 22% and 33% drops, respectively.
According to CMC, Bitstamp and Bitfinex’s trading volumes declined the most — 40% and 42% — among the top 10 exchanges.
CMC data shows that the global crypto trading volume rose to almost $50 billion on June 6 and saw another massive surge to over $54.6 billion on June 11. The number currently stands at $27.6 billion, showing an almost 50% drop in the past 24 hours.
The global crypto trading volume drop suggests that the mass sell-off might have ended.