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Today in Crypto: Binance Shows Greater Net Flows Resilience, Capital is Flowing Out of US into Asia, OKX Applies for Hong Kong VATP License
Market news
Contrasting with the crisis experienced by exchanges like FTX, Binance has demonstrated greater resilience in its net flows, according to digital asset data provider CCData. During the FTX crisis, Binance saw an outflow of close to $1 billion in BTC within one hour. Since the official US DOJ announcement on Tuesday, Binance saw outflows across major assets (BTC, ETH, USDT, USDC) â an aggregated ~$800m of outflows across specified assets. âThis comparison highlights the marketâs perception of risk, potentially influenced by new compliance requirements imposed on Binance by the US government, offering some assurance to investors and reducing counterparty risk,â the report said. The speculation caused by pre-announcements created a significant spike in BNBâs open interest (OI), with over $100m in OI added within a one day period. The current OI remains close to its highs, indicating further speculation on BNB, it concluded.
âThe big trend weâre seeing is capital flowing out of the US and going predominantly global, and a lot of that has come to Asia,â said Dmitry Lapidus, CoinFundâs newly-appointed senior liquid analyst based in Hong Kong, tasked with building out the firmâs presence in the region. New York-based crypto-focused venture capital (VC) firm CoinFund made this first hire in Hong Kong, aiming to expand in Asia, The South China Morning Post reported. CoinFund is seeing more crypto trading and more crypto entrepreneurs coming from Asia, where the firm is hoping to expand its reach, Lapidus said.