Binance Records Net Inflow of $1.2 Billion in 24 Hours

Cryptocurrency exchange Binance experienced a remarkable net inflow of $1.2 billion in the past 24 hours, marking one of the highest net inflow days of 2024. Despite market volatility and a sharp fall in cryptocurrency prices, investor confidence remains strong. Binance CEO Richard Teng emphasized this positive trend, citing data from DeFiLlama’s centralized exchange transparency dashboard.

The inflows into Binance primarily consist of trading activity, transfers from external wallets, and fiat deposits used to purchase cryptocurrencies. Notably, Binance’s net inflows increased by more than $2.2 billion over the last 24 hours, reaching $101.2 billion. Other major exchanges, including ByBit, Crypto.com, and OKX, also saw substantial inflows during this period according to Coin Telegraph.

Amid the macroeconomic climate and yesterday's market downturn, #Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to @DefiLlama's CEX Transparency metrics.

This marks one of the highest net inflow days of 2024, indicating strong investor…

— Richard Teng (@_RichardTeng) August 6, 2024

While Bitcoin and Ether experienced short-term declines, Binance remains optimistic about the long-term potential of digital assets. Binance Australia and New Zealand’s General Manager, Ben Rose, expects further market fluctuations due to potential United States Federal Reserve interest rate cuts and political uncertainties.

Despite challenges, the crypto market continues to demonstrate resilience and recovery. Bitcoin has partially rebounded since its recent low, reaching $56,770.

Related Stories:

Altcoins worth $100 billion dropped in hot water after U.S. lawsuits against Binance and Coinbase Binance and Coinbase Lose Nearly $1 Billion in Crypto Reserves After SEC Lawsuits Crypto Funds See $130M Inflow as Institutions Buy Bitcoin ETFs Cristiano Ronaldo Sued for $1 Billion Over Allegedly Deceptive Binance NFT Promotion Nigeria Demands $10 Billion from Binance in Compensation Solana’s record-breaking 1 billion inflow: What’s behind the SOL surge? Binance Pulls Out of UK, Following Netherlands and Cyprus, Cites ‘Unfavorable Regulatory Environment’ BNB Takes a Tumble, Binance Coin Falls Below $300 Amid Market Downturn