Binance sees massive inflows as whale activity increases

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Binance, the world’s largest cryptocurrency exchange by market capitalization, saw around $718 million in inflows in the past few days as whale transactions surged.

Big credit towards Binance

$718 million, according to Walter Bloomberg’s tweet on Tuesday Sent Return to Binance in just 24 hours. The inflows come after the crypto exchange saw roughly $1.14 billion worth of outflows on December 13.

Binance CEO Changpeng Zhao pointed out that “things seem to have stabilized.” FTX and LUNA malfunctions.

Also, there are more than 207 billion SHIB tokens Moved to finance. At the time of writing, the transaction is valued at around $1.83 million. In addition, Whale Alert caught a 500,000 LTC transaction, worth about $37.4 million, from an unknown wallet to Binance.

The whales are back in business

Whale activity is on the rise, according to data provided by blockchain intelligence firm Sandiment. Data shows that wallets (currently around 15,848 addresses, with between 100 and 10,000) Bitcoins) have bought roughly $726 million worth of BTC in the past nine days.

Per Sentiment, the wallets that influence the price of Bitcoin are only 0.0364% of the 43,460,000 BTC addresses.

Data shows that people are buying stablecoins like USDT, USDC, DAI and BUSD. The Sandiment report says:

“Tether’s main addresses have accumulated a total of $817.5 million over the past 3 days, a +7% increase over what they held prior to December 10, 2022.”

Sentiment Report

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

“But in terms of fundamentals, these are great signs that crypto is far from dead,” Sandiment added.

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