Bullish Crypto Traders Pour Nearly $907 Million Into Crypto Exchange Binance
Crypto analyst Nik Patel has compiled an overview of the amount of cash flowing into and out of eight leading cryptocurrency exchanges.
The figures, which are pulled from an analysis by Token Analyst, show Binance brought in $907 million in cash in the last month. Binance CEO Changpeng Zhao says traders began returning to the exchange in large numbers starting in early April, when the price of Bitcoin popped from around $4,100 to over $5,000 in a two-day period.
Using data on https://t.co/IT7N6RZRBF, 30-day net cash flows from exchanges:
1. Binance: +$907,064,539
2. Bitstamp: +$735,856,974
3. Bittrex: +$16,034,858
4. KuCoin: -$253,105
5. Kraken: -$54,686,740
6: Poloniex: -$83,369,350
7. BitMex: -$310,965,504
8. BitFinex: -$740,219,625
— Nik Patel (@cointradernik) July 20, 2019
On the flip side, crypto exchanges BitMEX and Bitfinex saw negative cash flows in the last 30 days. Both exchanges are facing scrutiny from US regulators.
Much of the outflows on BitMEX happened in the last day, after Bloomberg reported that the Commodities Futures Trading Commission is investigating whether the exchange is allowing Americans to trade on the platform without the agency’s permission.
In late April, the New York’s Attorney General Letitia James accused Bitfinex of covering up a loss of $850 million without alerting customers.