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.
Related: Jump Trading withdraws USDC from Binance to Coinbase
Binance’s Position
As of now, Binance continues to affirm its position as the top exchange in the cryptocurrency market.
Source: CoinMarketCap
