Binance Sees Massive USDT Withdrawals as FUD Spreads

Binance faces FUD after the stepping down of its CEO ChangPeng Zhao. Binance recorded a massive outflow of over $100 million Tether USDT, marking the highest withdrawal in three months. This raises suspicions amid recent issues with the exchange.

BNB's value dropped over 10%, struggling to recover to $250. Currently trading around $233, its RSI indicates a bearish trend. However, a recent peak in trade volume of over $2 billion showed some stabilization.

Despite recent challenges, Binance remains the leading exchange in terms of daily transactions. Its 24-hour trading volume exceeds $11.7 billion, significantly more than its closest competitor, Coinbase.

Binance Smart Chain's Total Value Locked (TVL) has remained stable despite fluctuations, currently at about $3 billion. This suggests resilience in BNB's value and exchange activity despite market uncertainties.