- MATIC’s exchange net flow revealed that it was not under selling pressure.
- Daily transactions of Polygon zkEVM recently hit a new all-time high.
Binance’s US arm witnessed its biggest withdrawal in 2023 as several tokens worth millions were recently removed from the exchange. Polygon [MATIC] topped the list when MATIC tokens worth about $64 million poured out.
Read Polygons [MATIC] Price prediction 2023-24
The top withdrawing addresses appear to be fleeing to other CEXs such as Binance International, WOO Network and Coinbase. Aside from MATIC, Bitcoin [BTC] and Ethereum [ETH] were also among the cryptos that were withdrawn. The aftermath of this episode may not be what you think.
Binance US had its largest year-to-date outflow of $184 million on June 7 after receiving the SEC’s TRO
Top assets to be included:
1. $MATIC $64 million
2. $BTC $48 million
3. $ETH $20 million
4. $USDT $17 million
5. $BNB $5.8 million
6. $AVAX $4.3 millionMore interesting findings below 📊@DuneAnalytics pic.twitter.com/OaU0sY2Bta
— Tom Wan (@tomwanhh) June 13, 2023
What caused this outflow?
The main reason for this outflow was the US SEC vs. Binance, which wreaked havoc among investors.
To clear the air, the financial watchdog accused Binance and its founder, Changpeng Zhao, of operating a “web of deception.” Binance and Zhao were also charged with 13 violations by the regulator almost a week ago.
However, it didn’t take MATIC much time to cool down. The two addresses that withdrew MATIC returned $60 million to MATIC a few days later. It was also interesting to see that the price of MATIC showed signs of recovery in the bearish market conditions.
According to CoinMarketCap, the price of MATIC is up almost 2% in the last 24 hours. At the time of writing, it was trading at $0.6511 with a market cap of over $6 billion, making it the 11th largest cryptocurrency.
A possible reason for the uptick could also be the announcement of Polygon 2.0. The announcement may have created hype, positively impacting investor sentiment.
The buying pressure of MATIC is increasing
A look at MATIC’s statistics suggested that the price increase could continue. From CryptoQuantMATIC’s net deposits to exchanges were low compared to the past seven days, which is a bullish signal.
Moreover, MATICthe supply on exchanges fell sharply, while the supply outside exchanges increased. This generally means that investors are accumulating, increasing the likelihood of a sustained uptrend. However, the positive sentiment around Polygon plummeted drastically over the past week.
Source: Sentiment
Is your wallet green? Check the Polygon profit calculator
Polygon zkEVM reaches new heights
Polygon zkEVM has also reached a remarkable milestone recently. According to Artemis’ facts, zkEVM’s daily transactions hit a new all-time high. A similar upward trend was also noticed on the daily active addresses chart, which looked quite encouraging. In addition, zkEVM’s TVL has also been on the rise for several weeks.
Source: Artemis
