While the decline in Bitcoin (BTC) and altcoins disrupted the markets as well as the investors, Binance, the world's largest cryptocurrency exchange, broke a record.
Binance CEO Richard Teng stated in his post on his X account that the stock market experienced the largest inflow since the beginning of 2024 yesterday.
Stating that the stock market experienced an inflow of 1.2 billion dollars, Teng said that this situation reflects the strong investor confidence in Binance.
“Amidst the macroeconomic environment and yesterday's market downturn, Binance recorded net inflows of US$1.2 billion in the last 24 hours, according to DefiLlama's CEX Transparency metrics.
This is one of the highest net inflow days of 2024, indicating that investor confidence is strong.
Yesterday also saw one of the highest trading volumes on Binance since the beginning of the year.
“We are currently seeing a recovery in major token prices and current market trends confirm this.”
Binance CEO Richard Teng commented on the decline in Bitcoin and altcoins in his post yesterday and said that he did not think the market declines would be long-term.
Amid the macroeconomic climate and yesterday's market downturn, #Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to @DefiLlama's CEX Transparency metrics.
This marks one of the highest net inflow days of 2024, indicating strong investor…
— Richard Teng (@_RichardTeng) August 6, 2024
*This is not investment advice.
