Stablecoin deposits on Binance, the world’s largest cryptocurrency exchange, have increased by more than $5.7 billion in the past 30 days.
This behavior suggests that traders are transferring liquidity to the platform for the purpose of acquiring Bitcoin (BTC) or other digital assets. Even in an environment of price adjustment.
The increase in reserves on Binance is in contrast to what has happened on other exchanges. Bybit recorded net outflows of $219 million, while OKX had nearly $633 million in outflows over the same period.
This graph clearly shows the divergence. While Binance has seen a continuous increase in stablecoin flows, the rest of the platforms have remained either negative or moderately volatile.
The mass entry of stablecoins on Binance occurs when the market shows strong downward pressure. Bitcoin price fell from $106,000 to around $95,000, This represents a drop of more than 10% in just one week.
The graph above reflects multiple failed attempts to regain the USD 100,000 zone. That gave way as revisions progressed.