According to statistics provided by DeFiLlama, Binance, which is the leading blockchain ecosystem in the world and the biggest cryptocurrency exchange in terms of trading volume and users, has achieved two consecutive billion-dollar inflow weeks. This brings the total amount of net inflows for the month of November to more than $5 billion dollars. This number is five times higher than the net inflows of the platform that comes in second place in terms of size. Binance’s position as the preferred trading platform is further strengthened by this exceptional expansion, which comes at a time when market demand is increasing and interest in digital assets is growing further.
Following the outcome of the presidential election in the United States, Binance had more than 13 million app visitors in a single day on Wednesday, November 6. This coincided with the increased attention that was received. As a result of this trend, the user asset holdings on Binance have hit $130 billion, as documented on DefiLlama’s dashboard. This is the greatest user asset holding on Binance since the company started disclosing Proof of Reserves two years ago. In addition to this, CryptoQuant reported that Binance’s reserve percentage, which indicates the proportion of reserves kept on Binance in comparison to all exchange reserves, increased to 25% this month, which is a 4% increase from 21% in November 2023. Users’ unwavering faith in Binance as their go-to platform for safely managing and protecting their digital assets is bolstered by these significant accomplishments.
The recent boost in user activity is also reflective of larger market trends: since November 5th, the price of Bitcoin (BTC) has increased by the equivalent of over twenty percent, while the price of Ether (ETH) has increased by thirty percent. The significance of digital assets as an essential element of the contemporary financial landscape is brought into focus by the price swings that have followed.
Richard Teng, CEO of Binance, shared:
“This period of consecutive all-time highs, billion-dollar inflows on Binance, and an increase in our reserve percentage highlights the strength and resilience of Binance, chosen by nearly 240M users. It also reflects the growing acceptance and growth of digital assets within the global financial landscape.”
The CEO added:
“The increased discussions around crypto during major political events, such as the U.S. Presidential Elections, also highlight the increasingly pivotal role cryptocurrencies play in shaping the future of finance and policy. Truly, we are witnessing the golden era of crypto, where its potential is being realized and embraced globally.”
Despite the fact that the cryptocurrency sector is continuously evolving and participating in mainstream conversations, Binance continues to be committed to offering its customers all over the globe with an ecosystem that is safe, transparent, and comprehensive.
Source: https://thenewscrypto.com/binance-surpasses-5-billion-in-november-inflows-hits-record-130b-in-user-assets/