Nearly $11 billion left the exchange over 46 hours, although CEO Richard Teng said hourly deposits were beginning to exceed withdrawals.

Changpeng Zhao stated that Binance did not experience a bank run, with the actual outflow of funds amounting to approximately $3.6 billion, representing about 2% of total holdings, lower than his expectation of 10% to 30%.

[Aave Labs and Other Organizations Disagree with the Crypto Innovation Council on Crypto Vault Regulation] Aave Labs, the Kamino Foundation, and Veda Tech Labs filed a report with the U.S. Securities and Exchange Commission arguing that non-custodial vaults, under certain structures, do not necessarily constitute co-investment projects or investment companies. The framework proposed by the Crypto Innovation Council, along with Bitwise, Galaxy, and Morpho, emphasizes the degree of control individuals have over investment decisions and assets. Aave Labs and other organizations point out that vault managers who provide paid investment advice on securities may still be subject to investment advisory laws.

Fox Business reporters noted that DeFi participants disagree on the level of human control required for DeFi to qualify as an SEC-regulated investment product. This discussion comes as the SEC releases its decentralization guidance and the Clarity Act faces obstacles in the US Congress.

BlackRock transferred 7,244 BTC (approximately $558.62 million) and 63,600 ETH (approximately $143.63 million) to Coinbase Prime in the past hour, for a total value of approximately $702.3 million.