First Mover Asia: Binance’s Exchange Flow Flips Positive; Bitcoin Trades Flat

Good morning. Here’s what’s happening:Prices: It’s a slow day for bitcoin and ether, but exchange tokens are the next ones to watch.Insights: Altcoins flagged in the SEC lawsuit last week have been doing better more recently. What’s behind their stabilizing?PricesBitcoin, Ether Trade Sideways

As Asia begins its trading day, bitcoin and ether are both flat, with the world’s largest digital asset up 0.3% to $25,990 and ether up 0.1% to $1,747.

As QCP Capital wrote in a recent note, this week will be “action-packed” with the U.S. CPI and June FOMC coming down the pipe.

“This promises volatility on the horizon, and we might finally get the break in BTC/ETH that we’ve started positioning for this month,” QCP wrote.

It just, however, needs to kick off – and that hasn’t happened quite yet.

Meanwhile, the market might be thinking that the Securities and Exchange’s (SEC) case against Binance might be more bark than bite.

Data from Nansen.ai shows that flow across all the chains it tracks went back into the green for Binance. Nansen shows that during the last 24 hours, Binance had a netflow of $470 million. This is certainly a pittance to the nearly $4 billion in value that has departed the exchange during the last week, but it is still a material amount that should be noted.

Binance’s BNB token is still well within the red, but its price has begun to stabilize. CoinGecko data shows that other exchange tokens like OKB and Crypto.com’s CRO are deeper in the red than BNB, while decentralized exchange tokens like Uniswap are up.

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