Binance records consecutive billion-dollar inflow weeks amid increased market demand

Published on
Binance records consecutive billion-dollar inflow weeks amid increased market demand

Binance, the world’s leading blockchain ecosystem and the largest cryptocurrency exchange by trading volume and users, has achieved two consecutive billion-dollar inflow weeks, bringing net inflows for November to over $5 billion, according to DeFiLlama data. This figure is five times greater than the net inflows of the next largest platform. This remarkable growth underscores Binance’s position as the preferred trading platform amid surging market demand and heightened interest in digital assets.

On Wednesday, November 6, Binance recorded over 13 million app visits in a single day, corresponding with heightened attention following the U.S. Presidential Election results. Building on this momentum, Binance’s user asset holdings have reached $130 billion as recorded on DefiLlama’s dashboard — marking the highest user asset holding on Binance since it began Proof of Reserves disclosures two years ago. Alongside this, CryptoQuant reported that Binance’s reserve percentage, which shows the proportion of reserves held on Binance compared to all exchange reserves, climbed to 25% this month, up 4% from 21% in November 2023. These milestones reinforce users’ enduring trust in Binance as their preferred platform for securely managing and safeguarding digital assets.

The recent surge in user activity also mirrors broader market trends: since November 5th, Bitcoin (BTC) prices have risen by nearly 20%, while Ether (ETH) prices have surged by 30%. These price movements emphasize the role of digital assets as a critical component of the modern financial landscape.

Richard Teng, CEO of Binance, shared: “This period of consecutive all-time highs, billion-dollar inflows on Binance, and an increase in our reserve percentage highlights the strength and resilience of Binance, chosen by nearly 240M users. It also reflects the growing acceptance and growth of digital assets within the global financial landscape.” 

“The increased discussions around crypto during major political events, such as the U.S. Presidential Elections, also highlight the increasingly pivotal role cryptocurrencies play in shaping the future of finance and policy. Truly, we are witnessing the golden era of crypto, where its potential is being realized and embraced globally,” he added.

As the cryptocurrency industry continues to evolve and engage in mainstream discussions, Binance remains dedicated to providing a secure, transparent, and comprehensive ecosystem for its users worldwide.

Share this article

Please subscribe to our YouTube Channel for Tech video stories and tutorials if you liked this article. You can also find us on Twitter, Instagram and Facebook or email the editor at [email protected] for advertisement opportunities.

Are you enjoying your time on JBKlutse?

Articles like these are sponsored free for everyone through the support of generous readers just like you. Thanks to their partnership in our mission, we reach more than 50,000 unique users monthly!

Please help us continue to bring the tech narrative to people everywhere through relevant and simple tech news, reviews, buying guides, and more.

Support JBKkutse with a gift today!

Leave a Comment