Binance, the largest cryptocurrency exchange, has seen a significant inflow of over $718 million in the past few days. Meanwhile, whale operations also increased. The CEO of leading cryptocurrency exchange Binance announced on Wednesday that entries have begun to rebound, a day after witnessing massive crypto outflows. He also stated that he has stopped some stablecoin withdrawals. Here are the details…
It’s been a busy week for Binance: Here are the fund inflows and outflows
cryptocoin.com As we reported, Binance experienced the highest 24-hour fund outflow since June with $1.9 billion withdrawals on Tuesday. Users had withdrawn $3.7 billion in crypto in the seven days before Tuesday, which is seen as a major negative factor for the cryptocurrency market. Therefore, Binance has temporarily suspended the withdrawal of the popular USDC stablecoin. Binance, the world’s largest cryptocurrency exchange by market capitalization, has recently witnessed over $718 million in entries.
Walter Bloomberg tweeted on Tuesday. He said that in just one day, $718 million was sent to Binance. Entries follow over $1.14 billion in withdrawals in the cryptocurrency market on December 13. In addition, more than 207 billion SHIB tokens have been sent to Binance. The amount is currently estimated to be worth $1.83 million.
Whale Alert also discovered 500,000 LTC transfers, equivalent to $37.4 million, from an anonymous wallet to Binance. For some, these changes could bring another bull market. Because these are excellent indications that the cryptocurrency is still very much alive and well grounded.
Whales are fine again
Another encouraging success in the market has been achieved as a result of growing whale operations. Whale activity is on the rise, according to data provided by blockchain intelligence firm Santiment. According to the data, over the past nine days, major wallets (15,848 addresses currently holding 100 to 10,000 Bitcoins each) have spent over $726 million on BTC purchases.
Santiment estimates that only 0.0364 percent of 43,460,000 BTC addresses belong to wallets that affect the price of Bitcoin. The data also reveals that buyers are purchasing stablecoins such as USDT, USDC, DAI and BUSD. Santiment’s report states:
Tether’s key addresses have collectively amassed an additional $817.5 million in purchasing power in the past 3 days alone. This is a 7 percent increase over the money they held before December 10, 2022.
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