Binance Sees 40% Spike in Whale Stablecoin Inflows Amid Buying Pressure

Binance is witnessing a significant increase in stablecoin inflows from whales transferring over $1 million, according to an analysis published on October 2. The 30-day cumulative stablecoin inflows to Binance have risen by more than 40% in a month, reaching $30.5 billion from $21.7 billion.

This marks a substantial increase in buying power among large investors, who are gradually allocating more capital to Bitcoin. Darkfost, a CryptoQuant contributor, noted that stablecoins flowing onto exchanges are often used as sidelined funds waiting to enter the market. The rise in inflows could be linked to buying pressure.

However, despite the recent increase, capital deployment by whales remains cautious compared to last year's peak levels. In October 2022, 30-day cumulative stablecoin inflows exceeded $61 billion, indicating that current inflows have yet to return to past peak levels.