Binance Hits $1.2B Inflows on Major Trading Day 2024: CEO Reveals Massive Volume Growth
By:Z, Enzo
Bybit, Crypto.com, and OKX have experienced notable net asset inflows over the last 24 hours, with increases of $301.4 million, $107.8 million, and $97.7 million respectively. However, it was Binance that reaped significant benefits from the market crash on August 5th. As cryptocurrency prices plummeted, the exchange recorded a staggering $1.2 billion in net inflows, indicating a strong investor response to the market dip.
“This marks one of the highest net inflow days of 2024, showing robust investor confidence,” commented Binance CEO Richard Teng in an Aug. 6th X post, referencing data visible on DefiLlama’s centralized exchange (CEX) transparency dashboard. According to the dashboard, Binance’s net inflows surged by over $2.2 billion to reach $101.2 billion in the past 24 hours.
Cryptocurrency exchanges typically see three main types of inflows: trading activity, transfers from external wallets, and fiat deposits converted into crypto. On August 5th, these platforms processed more than 268,830 Bitcoinâequivalent to approximately $15 billionâin spot trading volume, as observed by blockchain analytics firm K33 Research.
Interestingly, Robinhood experienced a $16.9 million outflow following the suspension of its 24-hour market execution venue, Blue Ocean ATS, early on August 6th. This outflow contrasts sharply with the inflows seen by other major exchanges, reflecting different market strategies and investor sentiments.
In summary, the recent market crash has highlighted the resilience of the cryptocurrency market, with exchanges such as Binance, Bybit, Crypto.com, and OKX experiencing significant net inflows. These inflows indicate strong investor confidence and a willingness to invest during market downturns, suggesting a maturing and robust cryptocurrency ecosystem.
Has Binance’s Highest Transaction Amount Since Zero-Fee Era Been Recorded?
Meanwhile, Bitcoin and Ether tanked 10% and 18% in a two-hour window on Aug.5, wiping out over $600 million in leveraged long positions. Despite this sharp fall, Binance Australia assures through a statement to BTCC that the fundamental value and potential of digital assets are untouched. “History teaches us that the cryptocurrency market has bounced back strongly after correction periods,” remarks Ben Rose, Binance Australia and New Zealand’s general manager. Rose predicts more market swings in the coming days, hinting at possible United States Federal Reserve interest rate cuts and political uncertainties, but he emphasizes, “This downturn doesn’t signal a long-term bearish trend for crypto.” According to CoinGecko, Bitcoin has bounced back by 14% to $56,770 after hitting a low of $49,780 on Aug. 5.
Register now to begin your crypto journey
Download the BTCC app via App Store or Google Play
Follow us
Scan to download
- Terms & Agreement
Quick Links
Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.
The world’s longest-running cryptocurrency exchange since 2011 © 2011-2024 BTCC.com. All rights reserved