Binance Surges on $470M Stablecoin Inflow as Bitcoin ETFs Boom
Binance received a significant influx of USDC stablecoins on August 24, totaling $470 million. This marked the exchange's largest positive net flow in 174 days, according to CryptoQuant analyst Amr Taha.
The surge in USDC deposits coincided with a strong week for Bitcoin, which gained approximately 23% during the week ending August 21 and broke above $80,000. The price rally was accompanied by increased activity across various liquidity channels.
US spot Bitcoin ETFs also posted their strongest weekly inflows in 10 months, attracting about $1.92 billion between August 17 and August 21. This trend suggests that investors are increasingly turning to regulated products as a source of liquidity.
CryptoQuant emphasized that exchange stablecoin balances and ETF flows measure different activities and cannot be combined into a single capital-flow figure. However, the persistence of these trends could indicate sustained market momentum.