Dear Investors, It has been a tumultuous week as both Binance and Coinbase faced legal actions from the SEC and the CFTC, while the possibility of further action from the DOJ remains imminent. “King Gensler.” Source: Crypto A.M. Before we dive, let’s do a quick review of what these agencies actually do.

Binance CEO Changpeng Zhao has disputed reports of a significant outflow of crypto assets from the exchange, arguing that third-party analytics may be skewing the data. While analytics platforms including Nansen and DeFiLlama have reported increased outflows from Binance in the wake of the SEC lawsuit against the firm, CZ claimed that the outflow over the past 24 hours was around $392 million.

Lookonchain monitoring data shows that in the past 24 hours, anonymous giant whales deposited 25,000 stETH (about 43 million U.S. dollars) into Aave, and then lent 35 million USDT and transferred them to Binance.

NEAR Protocol, a blockchain platform, has gained attention and partnerships in the cryptocurrency industry. The price of NEAR is expected to remain range-bound near $0.90-$0.95 in the coming days before a potential breakout towards higher levels.

Despite the recent lawsuit filed by the SEC against Binance and Coinbase causing shockwaves in the crypto community, data from on-chain analytics indicates that Binance's assets have not experienced a significant decline, with the overall value of assets held on the platform decreasing by approximately 13% in the past week primarily due to the drop in cryptocurrency prices.

The SEC's recent enforcement actions against Binance and Coinbase for alleged securities law violations caused a significant drop in value for several major cryptocurrencies, including Solana, Polygon, and Cardano. The SEC's lawsuit against Binance also sparked discussions and reactions on Twitter, with users expressing their opinions and concerns about the regulatory agency's actions.

Blockchain data from Nansen and Glassnode reveals that the recent SEC lawsuits against Binance, Binance.US, and Coinbase have resulted in a significant outflow of approximately $4 billion in deposits. The three exchanges collectively experienced a net outflow of $3.1 billion through the Ethereum network, along with an additional $864 million in bitcoin.

Both Binance and Coinbase have faced lawsuits from the SEC, with Binance accused of conducting unregistered token sales and Coinbase accused of offering digital currencies viewed as securities. Decentralized exchanges have seen a surge in trading volume following the news.

Long-term Bitcoin holders are not affected by the recent lawsuits filed against Binance and Coinbase by the SEC, according to data from Glassnode.

Binance's total assets have decreased by more than $8 billion since the SEC filed a lawsuit against the exchange on June 5th. DeFillama data shows that Binance's total assets dropped to $55.95 billion from $64.195 billion.