Binance, the leading blockchain and cryptocurrency infrastructure provider, has managed to attract net flows exceeding $1 billion for the second consecutive week, totaling more than $5 billion in net inflows so far in November, according to data from DeFiLlama.
This volume, five times that of the second-largest platform, highlights Binance as the platform of choice amid the growing demand for digital assets.
On November 6, Binance recorded over 13 million visits to its app, reflecting the surge in interest following the US presidential election.
User assets on Binance stood at $130 billion, the highest level recorded since Proof of Reserves was implemented two years ago. The reserve percentage on Binance also reached 25% this month, up 4% from a year ago, according to CryptoQuant.
Richard Teng, CEO of Binance, commented: “This period of record inflows and increased reserves demonstrates the strength of Binance, which has earned the trust of 240 million users. It also reflects the growth of digital assets in the global financial system.”
The role of cryptocurrencies in the modern economy
The recent surge in the price of Bitcoin and Ethereum, with increases of 20% and 30% respectively since November 5, highlights the relevance of these assets in the current financial environment. Teng adds that the increased visibility of cryptocurrencies at key political moments, such as the US elections, underlines their growing role in the global economy and politics.
Institutional interest and expansion of the DeFi market
Binance Research's monthly report showed that the correlation between Bitcoin and the S&P 500 index has reached near-record levels, reflecting the growing perception of Bitcoin as a key asset in diversified portfolios and a potential macroeconomic safe haven.
In October, the DeFi market experienced a boom, with Total Value Locked (TVL) reaching remarkable figures on platforms such as Solana, which reached $7.6 billion in TVL. Solana also led the market in token launches, accounting for over 90% of token launches during the week of October 21.
Market trends and the rise of memecoins
In October, meme coins emerged as one of the best-performing categories, accounting for 12% of trading volume among major altcoins and reaching an average daily volume of $5 billion.
Binance remains committed to providing a safe and transparent ecosystem, with a mission to provide users with tools to explore and expand their options in the world of cryptocurrencies.
