Crypto Biz: Massive inflows to exchanges amid market turbulence
This week’s Crypto Biz examines Hong Kong’s crypto ETF market, Morgan Stanley’s green light for Bitcoin funds, Xapo Bank license in the UK, and Core Scientific’s billionaire deal with CoreWeave.
The market downturn on Aug. 5 led to the price of Bitcoin plunging 10% in less than two hours, from $58,350 to $52,500. The volatility, however, drove massive inflows into centralized exchanges (CEXs).
Binance, for instance, recorded $1.2 billion in net inflows in 24 hours as traders reacted to a sharp drop in cryptocurrency prices. According to DefiLlama’s CEX Transparency dashboard, inflows into Bybit, Crypto.com and OKX increased by $301.4 million, $107.8 million and $97.7 million, respectively.
Inflows could be attributed to transfers from external wallets, fiat deposits and trading activity. Binance CEO Richard Teng credited positive flow amid market stress as a sign of “strong investor confidence.”
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Author: Ana Paula Pereira
