Binance exchange achieved a remarkable $1.2 billion in net inflows within a 24-hour period, even in the face of worldwide market instability.
The occurrence demonstrates the robust trust and belief of investors in Binance, a company that possesses assets over $100 billion. Although offshore exchanges experienced significant selling pressure, US crypto platforms demonstrated robust trading volumes for Bitcoin.
Binance experienced an infusion of funds as traders and investors liquidated their positions. August 5, 2024, is widely regarded as one of the most arduous days in the history of cryptocurrency, ranking second only to the FTX collapse.
Richard Teng, the Chief Executive Officer of Binance, declared this achievement, citing transparency measurements provided by DefiLlama for centralized exchanges. Today was one of the days in 2024 with the biggest amount of money flowing into Binance, as well as one of the days with the highest amount of trading activity this year.
Notwithstanding regulatory challenges, Binance experienced a significant boost in investor confidence. The exchange is currently confronted with a $86 million tax bill in India and an ongoing lawsuit with the US Securities and Exchange Commission (SEC), which is still pending while the SEC upgrades its accusation.
Information obtained from Kaiko indicates divergent market patterns. Offshore exchanges such as Binance and OKX witnessed significant selling activity, although Bitcoin’s Cumulative Volume Delta (CVD) remained positive on US platforms, indicating sustained buying demand.
The endurance displayed by U.S. market players indicates a more positive perspective, as they perceive the current situation as a chance to purchase Bitcoin at reduced costs.
