Binance Sees $3.5 Billion Inflows After US Election Amid Crypto Market Rise
Date: 2024-11-13 Author: Oliver Abernathy Categories: BUSINESS
According to a November 12 report from CryptoSlate, Binance has seen significant inflows since former President Donald Trump’s election victory on November 5. Data from DeFiLlama shows that Binance’s inflows during this period significantly outpaced those of its closest competitor OKX, which attracted around $500 million.
These changes have pushed the platform’s assets to a record $140 billion, the highest since Proof of Reserves began to be disclosed two years ago. Analytics platform CryptoQuant points out that Binance’s share of reserves has also grown to 25% of other exchanges. Currently, only Coinbase has a higher percentage of reserves at 33%.
If Binance continues to grow its reserves, it could soon overtake Coinbase. The company has also seen an increase in user activity, with more than 6.5 million visits to the app in one day on November 6, coinciding with increased interest in the platform following the election.
