Binance sees almost $1 billion inflow for 30-day period

20 Jul, 2019
by David Robb
Exchange
Binance sees almost $1 billion inflow for 30-day period

Recent data from TokenAnalyst suggests that Binance's dominance over the crypto market is growing. Over the past 30 days, it saw an inflow equivalent to over $900 million, with Bitstamp and Bittrex the only other exchanges not seeing a net outflow.

After starting to see some consistently major gains in April, with most people declaring the bull market to be definitively back, the last 30 days have been more volatile for Bitcoin (BTC). The top crypto has seen a few days of double-digit losses, and there have subsequently been major outflows from the top exchanges.

BitMEX has seen a net outflow of over $310 million for the 30-day period, with a significant proportion of this being in the last 24 hours, since it was reported that the Commodity Futures and Trading Commission (CFTC) was investigating the platform for not doing enough to prevent American traders from using VPNs to bypass its geo-blocking. BitMEX is not permitted to offer margin trading in the U.S.

BitFinex has seen the biggest sell-offs of the top exchanges, with a net outflow of over $740 million. This could well be linked to the company's controversial management of its Tether (USDT) stablecoin, with the New York Attorney General's office recently launching an investigation to determine if its parent company iFinex dipped into its USDT reservers in order to cover a $850 million loss. KuCoin, Kraken, and Poloniex also saw major net outflows.

Meanwhile, more and more traders are sending their BTC and other tokens and currencies on to the Binance exchange. The inflows could be linked in part to the platform's launch of margin trading, just over a week ago. Bitstamp was just behind Binance, seeing an inflow just slightly less than the total outflow of Bitfinex. Bittrex has also seen slightly more inflow than outflow. 

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