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US Bitcoin ETFs See Largest Single-Day Outflows Since Listing, Investors Exit High-Risk AssetsSeptember 9, 2023 - US Bitcoin ETFs experienced their longest single-day net outflows since their launch earlier this year, a move that reflects broader investor pullback from high-risk assets amid global market challenges. Data compiled by Bloomberg shows that investors pulled nearly $1

Bitcoin and Ethereum ETF Sell-offs: Fidelity Exits 525 BTC, Grayscale ETHE Sells 1646 ETHOn August 30th, 10 Bitcoin spot ETFs sold off 1193 BTC, with Fidelity exiting 525 BTC (approximately $30.5 million)

CZ Exits Binance, BNB Spot Market Takes a Hit: Liquidity Flees, Investor Confidence ShakenCZ steps down as Binance CEO, triggering a wave of outflows from the Binance platform, BNB price plunges double-digits, market depth shrinks significantly, investor sell-off intensifies, Chaikin Money Flow indicator reveals massive liquidity withdrawal.The recent cryptocurrency market has experienced a dramatic upheaval

The unexpected resignation of Binance exchange CEO Changpeng Zhao (CZ) has sparked a sell-off in the BNB token, leading to a significant decline in its value over the past 24 hours. On-chain data suggests that funds are flowing out of Binance in large volumes, exacerbating the BNB price drop

Recently, a large amount of 19197BTC worth 652 million US dollars flowed out of Coin An at once, triggering a curious reaction from Bitcoin investors. The timing of the transfer is interesting as Bitcoin is currently trading within the range and is expected to break through the resistance level of $35000

The continuous decline in Bitcoin trading balance indicates that investors' confidence in the market is constantly increasingAfter a week of turmoil in the cryptocurrency market, Bitcoin (BTC) showed significant resilience on Wednesday, maintaining stability around the $28300 mark. However, behind this stability lies a whirlwind of activity, especially the massive outflow of Bitcoin from exchange wallets

Analysts unanimously believe that although the cryptocurrency market has been plagued by poor liquidity, social sentiment can be a useful tool for tracking discussions around Ethereum's potential spot ETFs21Shares and ArkInvest jointly applied for Ethereum spot ETFs this month, which may have a profound impact on the US cryptocurrency market. Industry analysts quickly expressed their views on the broader impact

Recently, BUSD suffered a regulatory assault from the US government's SEC. The SEC sued Paxos using BUSD as an entry point for unregistered securities. Subsequently, NYDFS, the New York State Department of Financial Services, instructed Paxos to stop casting new BUSDs, and CZ also stated that "product adjustments will be made accordingly. For example, BUSD will no longer be used as the primary currency equivalent for trading.It can be foreseen that BUSD will gradually fade out of the historical stage of stable currency, and given that BUSD is the ace stable currency of BNBChain, what changes will happen to the stable currency ecosystem of BNBChain (formerly known as Anzhineng Chain) after this flag falls?The current status of stable coin ecology in BNBChainAccording to statistics from Defellama, the total market value of the stable coin ecosystem on BNBChain has exceeded $9 billion, with BUSD accounting for 53% of the market, with a market value of approximately $4.8 billion.Subsequently, USDT has a market value of approximately 3.2 billion US dollars (35%), USDC has a market value of approximately 780 million US dollars (8.67%), and some stable currencies with a market value below 100 million US dollars, such as USDDDDaiHAY.According to Paxos, BUSD can still be redeemed until at least February 2024. Although there is a buffer period of at least one year, facing the outflow of billions of dollars of stable currency, the question before us is, how will this stir up the stable currency ecosystem of BNBChain?Is it to stimulate the development of decentralized stable currency?Or strengthen the dominant position of USDT/USDC in BNBChain?For the former, CZ has responded to the suggestion of building a decentralized stable currency similar to DAI in the future, saying that at this juncture, we would prefer others to do so to make it more decentralized. We cannot do everything.Looking back at the two contestants HAY& VAI, currently with a stable currency market value of only tens of millions, seems to have an upper limit on its own track even if we optimistically imagine that such projects can carry the banner. It has developed well like DAI on Ethereum, and its stable currency market value is only about $5 billion. When converted to BNBChain, it still cannot match the scale of centralized stable currencies like BUSD.So currently, it seems that it is most reasonable for USDT/USDC to inherit the market share of the stable currency that BUSD has exited. But what we need to know here is that in fact, USDTUSDC officially does not issue native stable coins on BNBChain. Strictly speaking, BNBChain does not have native centralized US dollar stable coins, including BUSD, which is essentially a Binance PegToken. The original assets (i.e. BUSD on Ethereum) are held by the Coin Security official, and the issued BEP20Token is anchored 1:1 on BNBChain.Binance-PegTokenBTokenDue to the fact that most users only need to focus on the application experience level, they do not have a deep understanding of the specific underlying attributes of various assets. In fact, in the early stages of the launch of BNBChain (originally named BSC), in order to attract external high-quality assets such as BTCETH and stable coins, Coin An launched the Token Canal program, which is essentially similar to Wrapped Assets. Coin An officially serves as the processing center for the custody of native assets and the issuance and redemption of packaged assets.Binance-PegTokenBTokenAccording to the official mortgage reserve certificate of Coin An for BTokens, we understand that there are currently 97 BTokens, including approximately 5.4 billion ERC20BUSD reserves, corresponding to approximately 4.8 billion BEP20BUSD and other corresponding BUSDs for each chain.Previously, NYDFS emphasized that Paxos was authorized to issue BUSD on the Ethereum blockchain, but the department has not yet authorized Binance PegBUSD on any blockchain.It seems that the real motivation of NYDFS is actually BinancePeggedBUSSD, rather than concerns about whether there is 100% reserve support. After all, this piece of coin security has publicly and transparently proven reserves, and BinancePeggedBUSSD, a packaged asset, strictly speaking, is created by the on chain behavior of coin security. Therefore, should NYDFS/SEC point its finger at coin security, and USDTUSDC also has a corresponding BinancePegged, Will TetherCircle also have the same problem passively? Or is it just an excuse, essentially just a targeting?Of course, even if it is targeted, it may still be related to the original measure of coin security supporting BUSD, which automatically converts USDC, USDP, and TUSD to BUSD by default. After all, with the support of coin security, more scenarios of BUSD may lean towards BNBChain, which may lead to a misunderstanding that BinancePeggedBUSD, a packaged asset, is the only native asset.How will the exit of BUSD stir up the stable coin ecosystem of BNBChain?Now we return to the initial question of "How will the exit of BUSD stir up the stable coin ecosystem of BNBChain", and the answer seems relatively clear. For the decentralized stable coin track, it will have a certain boost, but the potential wave generated is limited; It is likely that BinancePeggedUSDTUSDC has given way to the demand for these stable currencies, and the gradual withdrawal of BUSD may also be negative for the BNBChain ecosystem.As for whether BinancePeggedUSDTUSDC will be subject to the same regulatory restrictions on "issuance" authorization, such concerns can be temporarily put aside. Although Binan does not have a compliant custody license like BitGo, the custodian of WBTC, its asset custody reserves are open and transparent, and regulation should not be so exhaustive.