After the U.S. Commodity Futures Trading Commission (CFTC) sued Binance for alleged violations of rules related to trading and derivatives, a large amount of cryptocurrencies flowed out of the exchange. And some observers noted "massive volatility on the chain" before the exchange's dispute with the CFTC.

"In the hours leading up to the CFTC's lawsuit against Binance, there were massive stablecoin withdrawals across the centralized exchange, totaling nearly $1.5 billion in just 12 hours. Notably, Binance itself saw outflows of $850 million, "explained the analyst from AnApe's Prologue. "Just one hour after the announcement, another $240 million flowed out of Binance," the researchers noted.

According to data from Nansen and Dune Analytics, more than $400 million in Ethereum-based funds were withdrawn within 24 hours. At press time, Nansen's Proof of Reserves portal showed Binance holding $63.36 billion worth of cryptocurrency assets. The statistics also show that more than 150 million BUSD stablecoins were redeemed on Monday. There are currently 7.84 billion BUSD in circulation, of which 7.1 billion tokens are held by Binance.

Binance also holds one of the largest bitcoin wallets, as its cold wallet holds 248,597 bitcoins and is currently the largest single address. According to Coinlass, Binance's bitcoin balance shows that in the past day, the exchange has thrown off 3,655 bitcoins worth close to $100 million. Binance has seen the most bitcoin outflows in the last 24 hours, but Coinlass recorded 1,025 bitcoin outflows from Coinbase.