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Binance Clarifies $21.75 Billion Outflow Reports as Unrealized PnL

Binance’s He Yi explains that the $21.75 billion figure reported by CoinGlass reflects token price fluctuations, not actual withdrawals from the exchange.

Summary

Binance cofounder He Yi clarified that the reported $21.75 billion outflow in seven days was due to market value fluctuations, not actual withdrawals. The figure, from CoinGlass, reflects price changes, not net fund movement, addressing misinterpretations about outflows from the exchange.

Terms & Concepts
  • Unrealized Profit and Loss (PnL): The theoretical gain or loss on assets based on current market prices, not yet realized through actual transactions.
  • Centralized Exchange (CEX): A cryptocurrency trading platform operated by a centralized entity, handling users’ funds and trade matching.
  • CoinGlass: A crypto analytics platform that provides market data, including exchange inflow and outflow statistics.