Binance, the leading crypto exchange, is transferring millions worth of Ethereum (ETH) for staking, following a drop in Binance’s BETH price fell following the news of SEC’s charges on Binance.
SEC slapped Binance with 13 charges for securities law violations. Over the last 24 hours, Binance experienced a net outflow of $778.6 million in Ethereum (ETH), as reported by Nansen. The inflow accounted for $871.7 million while the outflow reached $1.65 billion. In the past hour, the netflow remained negative at $35.7 million, with an inflow of $14.8 million and an outflow of $50.5 million.
Binance’s stacked ETH (BETH) to Ethereum (ETH) ratio reached its lower level since April, as reported by Kaiko. Interestingly, the trading volume saw a significant surge of over 450% within the past 24 hours. This increase suggests that investors have been redeeming BETH for ETH following the filing of a lawsuit against Binance and its CEO “CZ” by the US SEC.
The staking ratio of Binance’s ETH staking (BETH) has dropped to its lowest level at 0.993 compared to ETH. Usually, users have the option to redeem BETH to ETH at a 1.1 ratio, receiving an amount equal to their redeemed BETH balance in their spot wallet.
Following the SEC’s clash with Binance, the BNB token experienced significant selling pressure, resulting in a decline from its $300 support level. As of now, Binance’s BNB token is being traded at the $275 mark, reflecting a 8.1% decrease in the last 24 hours.
