![Binance Records $1.2B Inflows Amid Market Crash: Report](https://cryptotale.org/wp-content/uploads/2024/08/CT_Irene_07-Aug-2024_4640.jpg)
Binance experienced a significant influx of funds on August 5, 2024, amidst a dramatic market downturn. The exchange recorded $1.2 billion in net inflows, marking one of its most successful trading days of the year. According to Binance CEO Richard Teng, the substantial inflows reflect strong investor confidence despite the market volatility. This surge coincided with a sharp drop in cryptocurrency prices, prompting traders to capitalize on the price swings. Data from DefiLlama highlights this trend, showing a notable increase in Binance’s net inflows.
The primary sources of inflows to cryptocurrency exchanges include trading activity, transfers from external wallets, and fiat deposits used for purchasing crypto. Over the past 24 hours, Binance’s net inflows increased by more than $2.2 billion, reaching a total of $101.2 billion. Besides Binance, other exchanges like ByBit, Crypto.com, and OKX also reported increased inflows, with $301.4 million, $107.8 million, and $97.7 million, respectively.
Bitcoin Market Clash: Binance Spot vs. Perpetual FuturesConversely, Robinhood experienced an outflow of $16.9 million as it suspended its 24-hour market execution venue, Blue Ocean ATS. This decision likely impacted traders who were unable to access the market during the volatile period.
On August 5, 2024 cryptocurrency exchanges processed over 268,830 Bitcoin, valued at $15 billion, in spot trading volume, according to blockchain analytics firm K33 Research. This was the highest trading volume since Binance’s zero-fee regime in 2022-2023.
Meanwhile, the prices of major cryptocurrencies such as Bitcoin and Ether fell sharply during a two-hour window on August 5. Bitcoin’s value dropped by 10%, while Ether saw an 18% decline. Additionally, over $600 million in leveraged long positions were liquidated.
Notably, Bitcoin has shown signs of recovery, bouncing back from a low of $49,780 on August 5, 2024 to $56,942.69 at press time. This represents a 2.2% increase according to Coinmarketcap data.