Bitcoin floods Binance with $300M in deposits in past 48 hours

exchange68September 12, 2024

0 5 1 minute read

Quick Take

Over the past two days, Binance has seen an influx of Bitcoin amounting to more than $300 million, according to data reported by CryptoSlate and Glassnode. This surge is marked by two substantial inflows, with roughly $200 million returning to the exchange on Oct. 11 and an additional inflow of approximately $120 million on Oct. 12.

Currently, Binance holds around 682,000 BTC, a sum that is approximately 70,000 BTC less than its all-time high observed in May 2023. Notably, this figure represents about 3.5% of all Bitcoin currently held on exchanges. The data suggests a considerable concentration of Bitcoin on Binance, underlining the platform’s prominence.

These inflows indicate the activity of ‘whale’ or large-scale investors, given that the bulk of these transactions range from $1M to $10M. These substantial inflows represent significant market movements that CryptoSlate will continue to track.

Net Transfer volume: (Source: Glassnode)

Binance Bitcoin Balance: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.