Binance, the world’s largest cryptocurrency exchange, experienced a windfall during the market crash on August 5, 2024, raking in a staggering $1.2 billion in net inflows. This significant surge, attributed to a sharp drop in cryptocurrency prices, was one of the highest net inflow days of the year, according to Binance CEO Richard Teng.
The inflows, which included trading activity, transfers from external wallets, and fiat deposits used for purchasing crypto, highlighted robust investor confidence despite the turbulent market conditions. Data from DefiLlama’s centralized exchange (CEX) transparency dashboard showed that Binance’s net inflows surged by over $2.2 billion, pushing the exchange’s total to $101.2 billion within just 24 hours.
Other exchanges also saw increased inflows, with Bybit, Crypto.com, and OKX recording $301.4 million, $107.8 million, and $97.7 million, respectively. However, Robinhood faced a $16.9 million outflow after suspending its 24-hour market execution venue, Blue Ocean ATS, on August 6.
On August 5, cryptocurrency exchanges processed more than 268,830 Bitcoin in spot trading, valued at approximately $15 billion, marking the highest volume since Binance’s zero-fee trading days in 2022-2023, according to blockchain analytics firm K33 Research.
Despite the dramatic drop in Bitcoin and Ether prices, which plunged by 10% and 18% respectively within a two-hour window, Binance Australia remains optimistic. In a statement shared with Cointelegraph, Ben Rose, General Manager for Binance Australia and New Zealand, emphasized the resilience and recovery of the cryptocurrency market following periods of correction. Rose anticipates further market fluctuations ahead, driven by potential U.S. Federal Reserve interest rate cuts and ongoing political uncertainties.
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