Key Takeaways:
- Binance recorded $1.2 billion in net inflows on August 5th, amid a sharp decline in cryptocurrency prices.
- Significant inflows were also seen by ByBit, Crypto.com, and OKX, with $301.4 million, $107.8 million, and $97.7 million respectively.
- Bitcoin rebounded by 14% to $56,770 after a 10% drop, with Binance’s total net inflows increasing by over $2.2 billion to $101.2 billion.
On August 5th, Binance recorded $1.2 billion in net inflows as traders reacted to a sharp decline in cryptocurrency prices, marking one of the highest net inflow days of 2024.
CEO Richard Teng highlighted strong investor confidence, referencing DeFiLlama’s data.
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.
— Richard Teng (@_RichardTeng) August 6, 2024
This marks one of the highest net inflow days of 2024, indicating strong investor…
ByBit, Crypto.com, and OKX also saw significant inflows of $301.4 million, $107.8 million, and $97.7 million respectively.
The inflow surge coincided with over $600 million in leveraged long positions being liquidated, while Bitcoin and Ether prices dropped 10% and 18% respectively.
Is the Crypto Market Deleveraged Enough After Yesterday's Crash?
— CryptoQuant.com (@cryptoquant_com) August 6, 2024
“The significant drops in OI & ELR indicate substantial deleveraging. Many leveraged positions have been liquidated or closed, reducing market risk and volatility” – By @IT_Tech_PL
Link👇https://t.co/0VGbLaDIXG pic.twitter.com/MkDGSTT7Ib
However, Bitcoin has since rebounded by 14% to $56,770.
The total net inflows for Binance have increased by more than $2.2 billion over the past 24 hours, bringing the total to $101.2 billion.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
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