Binance's Storj Reserves Plummet to Six-Month Low

Binance's Storj (STORJ) reserves have plummeted to 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% lower than the three-month average.

The sharp drop in reserves is not due to increased withdrawals, but rather a shrinking reserve base. In fact, the total outflow amount contracted by 96.2% on a monthly basis during the same period.

On September 15th, Binance experienced its strongest negative net flow, with approximately 1.11 million STORJ tokens exiting the exchange, resulting in a net flow of minus 1.09 million tokens. The decline continued every trading day from that date onwards.