Coinglass's Data Spark Binance's Latest Defense Against Outflow FUD

Binance responded to market concerns over on-chain data anomalies flagged by third-party trackers Coinglass and DefiLlama.

The exchange noted similar past discrepancies with DefiLlama, expecting data restoration in 24-48 hours. It encouraged users to verify holdings directly while suggesting regular withdrawal tests across platforms.

The statement followed reports of anomalous outflows. Binance directed users to its proof-of-reserves page for personal asset checks.

It also pointed to CoinMarketCap for total balances. For platform flows, it recommended OKLink.

What Happened

Coinglass highlighted discrepancies based on public data, drawing hostile reactions. The firm defended its neutral analysis.

Binance described the data as unvalidated from third parties. It echoed a 2025 incident where Coinglass showed $21.75 billion outflows, contradicted by DefiLlama's $900 million inflows.

DefiLlama data often counters such claims, showing net inflows for Binance.

Why It Matters

These clashes reveal inconsistencies in third-party tracking. Observers note frequent FUD around Binance reserves since 2022 collapses.

Data shows exchanges face scrutiny over transparency. Binance's proposal for an annual "Withdrawal Day" aims to test asset authenticity.