Binance, a leading crypto exchange, recorded $1.2 billion in net inflows in a single day, despite global markets facing significant volatility.
This event highlights strong investor confidence in Binance, which holds over $100 billion in assets. During a period of high selling pressure on offshore exchanges, US crypto platforms showed positive Bitcoin trading volumes.
Binance’s influx of funds occurred as traders and investors exited their positions. August 5, 2024, is considered one of the most challenging days in crypto history, second only to the FTX exchange collapse.
Richard Teng, CEO of Binance, announced this success, referencing transparency metrics from centralized exchanges reported by DefiLlama.
This day marked one of the highest net inflow days for Binance in 2024 and one of the highest trading volume days this year. Despite its regulatory issues, Binance received a surge of confidence from investors.
The crypto exchange is currently facing an $86 million tax claim in India and a lawsuit with the US Securities and Exchange Commission (SEC), which remains unresolved as the SEC updates its complaint.
Data from Kaiko reveals contrasting market trends. Offshore exchanges like Binance and OKX experienced strong selling, while Bitcoin’s Cumulative Volume Delta (CVD) remained positive on US platforms, showing continued buying interest.
This resilience suggests a more optimistic outlook among US market participants, who may view current conditions as an opportunity to buy Bitcoin at lower prices.
