Binance sees $7 billion inflow after US elections amid crypto rally Binance sees $7 billion inflow after US elections amid crypto rally
Binance's users assets have risen to a new all-time high of more than $140 billion.
2 min read
Updated: Nov. 13, 2024 at 8:21 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance revealed that it has seen billion-dollar inflows following the just-concluded US elections, according to a Nov. 12 report shared with CryptoSlate.
Since the Nov. 5 election that former President Donald Trump won, DeFiLlama data reveals that inflows into Binance have surpassed $7 billion. The inflow volume significantly outpaced its nearest competitor, OKX, which recorded around $1 billion in inflows during the same period.
This surge has led to a rise in assets held on the platform, with Binance users’ total holdings now reaching $140 billion. This figure marks the highest level of assets on the exchange since it began disclosing Proof of Reserves two years ago.
CryptoQuant data highlights that Binance’s reserve percentage share has also climbed, reaching a high of 25%. This percentage indicates Binance’s proportion of reserves compared to all other exchanges. Currently, Coinbase only has a higher reserve percentage of 33%.
If Binance maintains this growth trajectory, it could soon challenge Coinbase to get the top spot in exchange reserves.
The exchange also noted a sharp increase in user engagement following the recent elections. On Nov. 6, Binance reported a daily peak of over 13 million app visits, correlating with heightened post-election interest.
Why Binance numbers improved
Binance attributed this growth to its strong position as a preferred trading platform amid rising demand for digital assets.
Moreover, the heightened activity mirrors the broader market trend, with Bitcoin and Ethereum prices jumping by around 20% and 30% to new highs, respectively. Market observers have suggested that this rally was sparked by optimism surrounding Trump’s victory at the polls.
Binance CEO Richard Teng said these milestones reflect the growing mainstream acceptance of digital assets. He further noted that the discussions surrounding crypto during the US election demonstrate the sector’s increasing relevance to the broader economic system.
He stated:
“Truly, we are witnessing the golden era of crypto, where its potential is being realized and embraced globally,”
The Teng-led firm is the largest crypto trading platform, controlling more than 40% of the market. Over the past years, the platform has faced increased regulatory scrutiny across multiple jurisdictions, including the United States, Nigeria, and India.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,356.59
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Richard Teng, a veteran in the financial services and regulatory sectors, boasts over three decades of extensive experience.
Donald John Trump was born on June 14, 1946, in Queens, New York City.