Binance Records $1.2 Billion Net Inflow in the Past 24 Hours, According to DeFiLlama Data
In a remarkable display of investor confidence, Binance has recorded a net inflow of $1.2 billion USD in the past 24 hours, as per data from DeFiLlama’s CEX Transparency metrics. This significant influx of capital highlights the trust users have in Binance and their positive outlook on the longer-term direction of the cryptocurrency market, even amid recent volatility.
The data from DeFiLlama underscores Binance’s robust position in the centralized exchange (CEX) sector, showcasing its ability to attract substantial investments despite broader market downturns. This trend is particularly noteworthy given the current economic climate and the fluctuating nature of digital asset prices.
Richard Teng, CEO of Binance, stated: “This marks one of the highest net inflow days of 2024. 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.”
This surge in inflows comes at a time when the cryptocurrency market has been experiencing notable turbulence. Bitcoin, for instance, saw a sharp decline to $49,000 before rebounding to around $57,000. This recovery in Bitcoin’s price, along with positive movements in other major cryptocurrencies like Ethereum and Solana, indicates a possible market rebound following the recent sell-off.
Despite this positive news, Binance is also facing challenges, including significant tax demands from Indian authorities, who have claimed $86 million in unpaid Goods and Services Tax from the exchange. This development underscores the complex regulatory landscape that major cryptocurrency exchanges must navigate even as they continue to grow and attract investor confidence.
In summary, Binance’s impressive $1.2 billion net inflow reflects its strong market position and users’ enduring confidence, even as the exchange faces both market and regulatory hurdles.
