Amid a shaky macroeconomic environment and a market downturn, cryptocurrency exchange Binance reported a net daily inflow of $1.2 billion. This was announced by the platform’s CEO, Richard Teng.
Amid the macroeconomic climate and yesterday’s market downturn, #Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to @DefiLlama‘s CEX Transparency metrics.
This marks one of the highest net inflow days of 2024, indicating strong investor…
— Richard Teng (@_RichardTeng) August 6, 2024
“This is one of the highest net inflow figures in 2024, indicating strong investor confidence,” he noted.
CEO Binance referred to data from DeFi Llama, which showed that the volume of “clean” assets on the platform reached $86.55 billion. The total TVL of the exchange exceeded $100 billion.
According to Teng, August 5 saw one of the highest trading volumes on the platform since the beginning of the year. At the time of writing, the figure stands at $32.2 billion for the spot market and $13.4 billion for the derivatives market.
CEO of CryptoQuant, Ki Young Ju, noted that Binance’s net inflow reached a year-to-date high. However, he stated that the inflows were not from retail investors.
Binance netflows, including #Bitcoin, hit a YTD high.
Most crypto-native institutions, like Jump Trading, are using Binance. Inflows were not from retail investors.
They might be de-risking or adding collateral for long positions—hopefully the latter, but likely the former. https://t.co/DyjedfTQkN pic.twitter.com/n6GOiKfFwI
— Ki Young Ju (@ki_young_ju) August 6, 2024
“Most crypto institutions like Jump Trading use Binance. […] They are likely de-risking or adding collateral for long positions—hopefully the latter, but likely the former,” he noted.
The top manager added that there is currently a “recovery in the prices of major tokens, and current market trends confirm this.”
At the time of writing, Bitcoin is trading at $55,000, having gained 5.6% in the past 24 hours. Ethereum also rose by 6.5% to $2450.
Earlier, on the day of the correction, the lending platform Aave earned $6 million from liquidations.