Binance sees massive inflows as whale activity increases

Binance, the world’s largest cryptocurrency exchange by market capitalization, saw inflows of roughly $718 million while whale transactions boosted in the past few days.

Massive inflows toward Binance

According to Walter Bloomberg’s tweet on Tuesday, $718 million were sent back to Binance in just 24 hours. The inflows come after the crypto exchange saw roughly $1.14 billion worth of outflows on Dec. 13.

Binance CEO Changpeng Zhao said that “things seem to have stabilized” while pointing out the FTX and LUNA crashes.

Things seem to have stabilized. Yesterday was not the highest withdrawals we processed, not even top 5. We processed more during LUNA or FTX crashes. Now deposits are coming back in. https://t.co/WLK2KyCym0

— CZ Binance (@cz_binance) December 14, 2022

Furthermore, more than 207 billion SHIB tokens have been moved to Binance. At the time of writing, the transaction is worth around $1.83 million. In addition, Whale Alert caught a transaction of 500,000 LTC, worth roughly $37.4 million, from an unknown wallet to Binance.

Whales are back in business

According to data provided by the blockchain intelligence firm Santiment, whale activity has been increasing. Data shows that wallets (currently around 15,848 addresses, comprising 100 to 10,000 bitcoins) have purchased around $726 million worth of BTC in the past nine days.

Per Santiment, wallets that impact bitcoin’s price make up just 0.0364% of the 43,460,000 BTC addresses.

Data shows that people are buying stablecoins such as USDT, USDC, DAI and BUSD, as well. Santiment’s report reads:

“Tether’s key addresses have collectively accumulated $817.5 million more in buying power in just the past 3 days, a +7% increase to what they were holding before December 10, 2022.”

Santiment Report

The report added that these movements could trigger another bull market while the FTX drama is still fresh.

“But based on fundamentals, these are great signs that crypto is far from dead,” Santiment added.