Binance Sees Massive $15.7 Billion Inflows Amid 20% Monthly Bitcoin Rally

Binance, one of the largest cryptocurrency exchanges, saw massive inflows in August, totaling $15.7 billion in net asset inflows.

This is a record for the exchange, with Binance capturing more than 75% of the sector's positive flows, according to Binance Research.

The inflows do not necessarily mean that users are buying Bitcoin (BTC), as deposits can correspond to various strategies such as acquiring other cryptocurrencies or using assets as collateral on derivatives products.