Richard

2024

Bitcoin

The world’s largest exchange, Binance, has recorded $7.159 billion in inflows over the last seven days, marking the second consecutive week with over a&nbsp; billion in inflows this month. The exchange has a total net flow of over $5 billion in November alone. 
According to Binance, its massive net flow compared to other exchanges highlights its major position in the market amidst the rising surge in demand. 
Binance spokesperson said: 
<blockquote>
 “This remarkable growth underscores Binance’s position as the preferred trading platform amid surging market demand and heightened interest in digital assets.”
</blockquote> 
Binance is benefitting from the rising interest in crypto assets after Donald Trump’s election. With Bitcoin and other digital assets shattering records and reaching new highs, centralized exchanges, including Binance, have seen activity increase substantially. On November 6 alone, its app recorded 13 million visits. 
The rise in activity has also meant increased assets on the platform, with the exchange users’ holdings now reaching $137 billion, according to Defillama data. This is the highest amount of assets on the exchange since it started disclosing Proof of Reserves two years ago. 
Meanwhile, Binance’s reserves percentage recently reached 25% on <a href="https://cryptoquant.com/insights/quicktake/672d32de21a51523a6d09b03-Binance-Reserve-Percentage-Reaches-All-Time-High-at-25" rel="nofollow noopener" target="_blank">CryptoQuant</a>, a sign of its growing popularity. This metric shows the proportion of reserves on Binance compared to all other exchanges. Presently, only Coinbase has a higher reserves percentage, at 33%. 
<h3 id="bitcoin-surge-corresponds-with-binance-s-growth">Bitcoin surge corresponds with Binance’s growth</h3> 
The recent performance of Binance corresponds with the increase in the value of Bitcoin. The flagship asset saw a massive gain over the last seven days, almost hitting $90k before a price correction sent it back to $87.5k. 
The exchange CEO Richard Teng noted that Binance’s performance highlights the platform’s resilience. The platform currently has over 240 million users globally. However, he noted that global acceptance of digital assets has grown, and we are now in the golden era of crypto. 
He said: 
<blockquote>
 “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.”
</blockquote> 
<figure id="attachment_612604" aria-describedby="caption-attachment-612604" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-612604" src="https://www.cryptopolitan.com/wp-content/uploads/2024/11/Top-Spot-exchanges.png" alt="" width="831" height="459" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/11/Top-Spot-exchanges.png 831w, https://www.cryptopolitan.com/wp-content/uploads/2024/11/Top-Spot-exchanges-300x166.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/11/Top-Spot-exchanges-768x424.png 768w" sizes="(max-width: 831px) 100vw, 831px">
 <figcaption id="caption-attachment-612604" class="wp-caption-text">
 Exchange Benchmark November 2024 – CCData
 </figcaption>
</figure> 
However, Binance’s rising activity is also due to its reputation. According to <a href="https://ccdata.io/view-report/exchange-benchmark-november-2024?" rel="nofollow noopener" target="_blank">CCData</a>, Binance ranked second to Coinbase among top spot exchanges in the November Exchange Benchmark, with an AA rating based on security, KYC/Transaction risks, regulatory compliance, market quality, transparency, and data availability. When it comes to derivatives trading, it is the top exchange, beating the likes of Kraken, OKX,&nbsp; Bybit, and Crypto.com. 
<h3 id="bitcoin-whales-are-offloading-while-shrimps-are-buying">Bitcoin Whales are offloading while Shrimps are buying</h3> 
Meanwhile, the increase in inflows to Binance is likely because whales have been busy distributing their assets now that Bitcoin is reaching new highs. According to&nbsp;crypto analyst&nbsp;<a href="https://www.coindesk.com/markets/2024/11/12/bitcoin-shrimps-emerge-as-the-new-smart-money-as-whales-offload-their-stash-van-straten" target="_blank" rel="noopener nofollow">James Van Stratten</a>, citing Glassnode data, whales who own more than 10,000 in BTC have been offloading their holdings, which has been a trend&nbsp;for two months. 
However, the Shrimps, i.e., those holding less than 1 BTC and all other cohorts of holders apart from the whales, have been busy with accumulation over the last two months. Van Stratten notes that this shows that retail holders might have become the new smart money as their accumulation coincides with the rise in the value of the asset. 
Nonetheless, most people still hold, suggesting that long-term holders (LTH) are not convinced to sell off at the current prices. Glassnode data shows that LTH presently accounts for 78% of Bitcoin supply and has only reduced its holding by 3% over the past 30 days. Short-term holders now appear to be more likely to sell.

Binance records $7 billion weekly inflows as Bitcoin surge attract investors

Table of Contents

Cryptopolitan_News

Other articles published on Nov 12, 2024

Sam Trabucco Settles with FTX by Transferring Assets

I Will Never Sell My Bitcoin, Reveals Andrew Tate – Here’s Why

US Investors Show Strong Interest in Bitcoin, Boosting Spot ETF Trading and Direct Purchases

Next Generation of Crypto Millionaires: Top Meme Coin Picks for 20,000% Gains by 2025

New “COIN50 Index” by Coinbase Offers Investors Streamlined Exposure to the Crypto Market

Trader who lost $26M to copy-paste error says it’s been ‘max pain’

Join our free newsletter for daily crypto updates!