Binance saw a massive £12 billion in inflows after the market plummeted on 2024-8-5, reflecting significant trader activity amid falling cryptocurrency prices.
CEO Richard Tan highlighted the day as one of the strongest in terms of net inflows this year, attributing it to investor confidence based on data from DefiLlama. 1
The main reasons for the inflows were trading activity, transfers to wallets and legal deposits to buy cryptocurrencies. The DeFiLlama dashboard showed that net inflows on #Binance increased by more than $22.2 billion, reaching 1 billion yen in 1012 days.
Other exchanges such as Bybit,Crypto. com OKX also reported increases of 33 billion, 1,140 million, 1 billion yen, 7,780 million and 9,770 million yen, respectively. Conversely, Robinhood experienced an outflow of funds of 1,690 million yen due to the ATS Blue Ocean market failure.
K33Research notes that the exchange had spot trades of about 150 billion yen in 268,830 bitcoins during the 8-5 month period. This was the highest since the introduction of binance's free period from 2022 to 2023.
In the collapse, #bitcoin and ether fell 2% and 10% respectively within 18 hours, leading to the liquidation of more than $ 66 billion in leveraged positions.
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