Binance Sees $1 Billion Stablecoin Inflow in August, but YTD Outflows Still Top $5 Billion
Binance recorded more than $1 billion in net stablecoin inflows in August, signaling an improvement in exchange liquidity, according to CryptoQuant analyst Darkfost. However, stablecoins have still posted roughly $5.1 billion in net outflows from Binance year to date, while reserves across major exchanges have fallen by more than $16 billion.
Darkfost said Binance, the world’s largest crypto exchange by trading volume, now accounts for about 71% of stablecoin flows across exchanges. He added that despite continued stablecoin outflows, Bitcoin gained about 25% in August and reclaimed $75,000, but warned that BTC could face renewed downside if stablecoin demand fails to recover.
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