A post at 6:53 AM this morning, with 20,000 views: "Now it's confirmed, Binance is dumping the coins." Throughout the day, the headline "Rumors circulate that Binance dumped $1.767 billion worth of BTC in 24 hours" is still being shared. The same image in the English-language forum, with the title changed to "Binance is insolvent." Let's break down this number: $1.767 billion from Arkham's 24-hour outflow list: Approximately 27,764 coins flowed out of hot wallets, plus approximately 2,400 coins from cold wallets. This is the coins being transferred out of Binance's wallets. Exchanges sell coins on their own platforms, which isn't visible on the blockchain. The outflow visible on the blockchain is the coins leaving the exchange. The majority is user withdrawals; many people moved their coins after the theft. The withdrawn coins are no longer on Binance's platform. Let's look at Binance's large cold wallet (verifiable on mempool): Starting with 34xp4v: 248,597 Not a single coin has been transferred out since August 12th. Coins starting with 3M219K: 18,499 coins transferred in since November 11th, no transfers out. Where are the aggressive sellers? Net selling in the spot market from November 9th to November 14th: Coinbase approximately 8,900 coins, Binance approximately 3,100 coins. US spot ETFs saw a net outflow of $1.065 billion over the past five trading days. Therefore, the $1.767 billion figure is a withdrawal statement that has been interpreted as a sell order. Binance being hacked and users migrating are real. "Binance dumping to cover losses"—there hasn't been a single matching transaction yet. Tomorrow, Monday, ETF flows and Strategy 8-K will be updated. Who's selling? We'll check again then.