Binance STORJ Reserves Plummet to Six-Month Low
Binance's reserves of Storj (STORJ) have hit their lowest level in six months, according to data from CryptoQuant. The exchange now holds just 12.08 million STORJ tokens, a decline of 63.9% compared to the previous month and 71.8% below the three-month average.
The drop in reserves was not due to increased withdrawal volumes but rather a shrinking reserve base. During the same week, Binance's average daily net STORJ flow reached minus 234,566 tokens, while the amount of tokens transferred on-chain averaged 296.2 million per day, a whopping 705% higher than the three-month average.
The strongest negative net flow occurred on September 15th, with approximately 1.11 million STORJ tokens exiting the exchange, resulting in a net flow of minus 1.09 million tokens. Binance's STORJ reserve continued to decline every trading day from that date onwards.