1.2 Billion USD Flows Into Binance During Recent “Bloodbath” Day

Binance CEO Richard Teng Confirms $1.2 Billion Inflows on August 5th, 2024

The cryptocurrency exchange Binance significantly benefited from the severe market crash on August 5, recording an inflow of $1.2 billion.

This marks one of the highest net inflow days of 2024, indicating strong investor confidence

Binance CEO Richard Teng said in an August 6 post on X.

According to data from DeFiLlama, Binance’s net inflows increased by more than $2.2 billion in the past 24 hours, reaching $101.2 billion.

ByBit, Crypto.com, and OKX also saw inflows increase by $301.4 million, $107.8 million, and $97.7 million, respectively, over the past 24 hours.

Robinhood notably saw an outflow of $16.9 million due to suspending its 24-hour market operations, Blue Ocean ATS, in the early hours of August 6.

This is the highest amount since Binance’s zero-fee regime in 2022-2023.

Meanwhile, Bitcoin and Ether dropped by 10% and 18%, respectively, in a short two-hour window on August 5, while over $600 million in leveraged long positions were liquidated.

Binance’s Position

As of now, Binance continues to affirm its position as the top exchange in the cryptocurrency market.

Source: CoinMarketCap

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