Binance had one of its biggest trading days year-to-date, both in terms of inflows and trading volume.
Posted August 7, 2024 at 6:12 am EST.
At least some traders were interested in buying the dip after the majority of crypto tokens saw sharp declines on Monday.
Data from DeFiLlama shows that a number of centralized crypto exchanges recorded a significant amount of inflows over the last day.
Binance recorded $2.27 billion worth of inflows over the last 24 hours, with the total assets on the platform valued at $101.1 billion at the time of writing. Binance’s inflows over the last day makes up 65% of net inflows to the exchange over the last day.
Crypto exchanges OKX, Bybit and Crypto.com also saw inflows of over $100 million each over the same period.
Richard Teng, Binance’s current CEO who took the reins after Changpeng Zhao stepped down, noted on X that the exchange recorded a $1.2 billion inflow on Aug. 5 – the same day that bitcoin dropped to a low $50,000 and investor sentiment shifted away from risk assets.
“This marks one of the highest net inflow days of 2024, indicating strong investor confidence. Yesterday also saw one of the highest trading volumes on Binance year-to-date,” said Teng in an Aug. 6 post.
“We are now witnessing a rebound in major token prices, with current market trends validating this.”
While Teng attributed much of these inflows to investor confidence, he made no mention of what percentage of the day’s flows came from Jump Crypto. Blockchain data showed that Jump had been sending batches of crypto to Binance, Coinbase, OKX, Bybit, and Gate.io through Sunday.
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