Binance Records Consecutive Billion-Dollar Inflow Weeks Amid Increased Market Demand
Dubai, UAE, November 12th, 2024, Chainwire
Binance has recorded increased inflows alongside heightened asset volumes in its reserves, underscoring the platform’s strength and the growing acceptance of digital assets in global finance. Elevated user engagement following the U.S. election further emphasizes the industry’s expanding role in mainstream financial and policy discussions.
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.
About Binance
Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 200 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means. For more information, visit: https://www.binance.com