Binance achieves consecutive billion-dollar inflows

Source: Reuters/Dado Ruvic.

This figure is five times greater than the net inflows of the next largest platform.

On Wednesday, 6 November 2024, Binance recorded over 13 million app-visits in a single day, corresponding with heightened attention following the US presidential election results.

Building on this momentum, Binance’s user asset holdings have reached $130bn 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 Tuesday, 5 November 2024, Bitcoin (BTC) prices have risen by nearly 20%, while Ether (ETH) prices have surged by 30%. These price movements emphasise the role of digital assets as a critical component of the modern financial landscape.

Richard Teng, chief executive officer 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 240 million 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 US 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 realised 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.