CandleFocus

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

Author: Content Editor
Binance, the world's largest cryptocurrency exchange, has seen over $7 billion in inflows in the past week, marking the second consecutive week with inflows exceeding $1 billion. The exchange attributes its success to its major position in the market and the rising demand for digital assets. Binance's app also recorded 13 million visits on November 6 alone. The platform currently has over 240 million users globally and its users' holdings have reached $137 billion, the highest amount since disclosing Proof of Reserves two years ago. Binance's performance aligns with the increase in the value of Bitcoin, which recently reached almost $90k before a price correction. The exchange ranks second to Coinbase among spot exchanges and is the top exchange for derivatives trading. The increase in inflows to Binance is believed to be due to whales offloading their assets, while retail holders have been accumulating Bitcoin. Long-term holders still dominate the market, with 78% of Bitcoin supply.

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