Coinbase Burns over 4.7B $USDC in Last 24 Hours

PekcShield said on Twitter that in the last 24 hours, more than 4.7 billion $USDC has been sent from Coinbase to Circle to burn. It means users are converting their crypto to fiat, which is possibly due to SEC's crypto staking ban.

But according to 0xScope, while Coinbase burnt around 4.5 billion $USDC, it also received around 4.7 billion $USDC. The net $USDC flow of the Coinbase address is around 330 million in the last 24 hours.