Binance Stablecoin Inflow Fuels $1B Crypto Market Rebound
Binance reported a massive influx of $1 billion in stablecoins in August, driving a significant rebound in the crypto market.
The move saw Bitcoin surge from a 10-day low of $76,200 to above $80,000 within hours, triggering a violent squeeze against bearish traders.
According to data, over $140 million in shorts were wiped out as BTC, ETH, and XRP delivered an epic breakout.
The increase in stablecoin inflow on Binance was significant, with reserves on the platform reaching their lowest monthly average since February 2024 after roughly 500 million tokens left the exchange.