Binance Experiences Large Inflows As Whale Activity Rises

B. Ali
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Binance, the head of a major crypto exchange, experienced considerable inflows of over $718 million in the last few days, while whale transactions also increased. The CEO of leading cryptocurrency exchange Binance stated on Wednesday that inflows were beginning to rebound a day after witnessing massive cryptocurrency outflows and halted some stablecoin withdrawals.

It is worth remembering that Binance had the highest 24-hour outflow of funds since June on Tuesday, with $1.9 billion in withdrawals. Users had withdrawn $3.7 billion in cryptocurrencies in the seven days preceding Tuesday, which was seen as a major negative factor for the cryptocurrency market. This is why, Binance, had temporarily stopped allowing withdrawals of the popular USDC stablecoin.

Although things appear to be stabilizing now as the world’s largest cryptocurrency exchange by market capitalization, Binance, witnessed inflows of over $718 million recently.

Binance has seen significant inflows

Walter Bloomberg tweeted on Tuesday that $718 million has been returned to Binance in only one day. The inflows follow over $1.14 billion worth of withdrawals on December 13 at the cryptocurrency market. Moreover, Binance now has access to more than 207 billion SHIB tokens. The transaction is estimated to be worth $1.83 million at this time.

Whale Alert also discovered a transfer of 500,000 LTC, equivalent to about $37.4 million, from an unidentified wallet to Binance.

Hence, these changes might bring up another bull market as these are excellent indications that cryptocurrency is still very much alive and well based on fundamentals.

Whales are once again doing well

Another encouraging achievement has been made in the market as a result of the growing whale transactions. Whale activity has been escalating, according to data given by the blockchain intelligence company Santiment. According to data, during the last nine days, wallets (now 15,848 addresses, each holding 100 to 10,000 bitcoins) have spent over $726 million on BTC purchases.

Santiment estimates that just 0.0364% of the 43,460,000 BTC addresses belong to wallets that influence the price of bitcoin. The data also reveals that buyers are purchasing stablecoins like USDT, USDC, DAI, and BUSD. The report by Santiment states:

“Tether’s key addresses have collectively accumulated $817.5 million more in buying power in just the past 3 days, a +7% increase to what they were holding before December 10, 2022.”

 

About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.