Amid recent market volatility, Binance saw $1.234 billion in 24-hour inflows despite low reserves.
Trading activity has been highly volatile in the crypto markets over the past few days, with significant fluctuations occurring. Reserves have increased from August 3 to the present, despite being at a record low, according to exchange reserve data from cryptoquant.com.
Binance recorded $1.234 billion in 24-hour inflows, according to Defillama.com’s centralized exchange transparency metrics.
Binance, the largest global crypto exchange in terms of trade volume and reserves, presently maintains $102 billion in crypto assets, as indicated by Arkham Intelligence data. Of this, bitcoin (BTC) accounts for $37.49 billion, tether (USDT) for $25.31 billion, and ethereum (ETH) for $11.43 billion.
Richard Teng, the CEO of Binance, said that the inflows that were observed over the past day were among the largest of the year.
“This marks one of the highest net inflow days of 2024,” Teng said in a note sent to Bitcoin.com News. “Despite facing significant market downturns over the past several hours, this potentially indicates investors’ confidence and interest in buying in at a lower cost when they deem it’s the right timing.The current market trends also validate this observation, as we are witnessing a rebound in the prices of major tokens. According to our internal data, yesterday also was one of the highest trading volume days in 2024.”
