Bitcoin and USDT Inflows Fuel Exchange Activity Boom
The post Bitcoin and USDT Inflows Fuel Exchange Activity Boom appeared on BitcoinEthereumNews.com.
When the US election results were out, markets followed the trend with increased inflows in Bitcoin (BTC) and Tether (USDT) as investors returned. A remarkable growth of volumes and funds on crypto exchanges has followed. Specifically, data from CryptoQuant showed that the total exchange inflows in USDT increased sharply on November 5, up to $ 7.7 billion on election day. Exchange Activity on the Aftermath of the US Presidential Election and Renewed Investor Demand Crypto exchange trading spiked to the largest volume since March during and after the US presidential election last week. Moreover, Bitcoin and USDT inflows into exchanges also… pic.twitter.com/g0lCmjjsmH — CryptoQuant.com (@cryptoquant_com) November 12, 2024 Binance Dominates USDT and BTC Inflows Binance is the most prominent example of platforms increasing inflows of USDT after the elections, averaging about 3.6 billion USDT. This was a notable part of the overall $6.5 billion volume increase to exchanges, which made Binance a market leader by volume. Coinbase and other exchanges continued the inflows at about $4.3 billion in USDT funds. Institutional Activity Boosts Trading Volume As mentioned previously, it has been reported that large transactions on Binance are related to institutional players, and considerable transactions in both Bitcoin and USDT have been observed. In Binance, Bitcoin accounts for approximately 20k BTC on election day and 26k on the next two days, targeting high demand for cryptos amid volatility. Trading Volume Hits New Highs Trading in the perpetual futures market also reached its highest levels since March, with a total trading volume of $1.1 trillion in a week. Binance was at the top of the list with 43% of such activity, with other platforms registering increased volumes, including OKX, Bitget, and Bybit. The increased trading and inflows imply that investors return to digital currencies as a hedge during an unstable economic…
Filed under: News - @ November 13, 2024 11:21 pm