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Crypto exchange inflows cool as market correction deepens


by Collins J. Okoth
for CryptoPolitan
Crypto exchange inflows cool as market correction deepens

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Cryptocurrency exchanges are seeing a decrease in inflows amid the current market correction. On-chain data revealed that Binance recorded the most trading volumes in the period. 

Binance saw $25 billion in spot trading volume in the last day, with perpetual futures trading volume reaching $62 billion. Crypto.com and OKX followed with spot and futures trading volumes $4.6 billion and $36 billion, respectively. 

Binance records the most spot and futures trading volume in November

Binance reported the most spot and futures trading volume of $58 billion and $140 billion, respectively, during the market crash on October 10. The overall crypto spot and futures trading volume has dropped from its peak last month. On October 10, a daily spot trading volume high of $150 billion was recorded. Perpetual futures trading volume also peaked at around $360 billion on the same day.

November 4 recorded the highest daily spot trading volume of the month at around $100 billion. Spot trading has since plummeted to $65 billion in recent days. Perpetual futures trading is currently at $170 billion, down from $298 billion earlier this same month. 

Source: CryptoQuant. Total spot trading volume by exchange.

The surge in inflows in crypto exchanges in the current market correction also coincides with an increase in their stablecoin reserves. Binance reported the most USDT and USDC reserves this month, roughly $51.1 billion, as of November 15. OKX recorded a total of $10 billion in stablecoins in its balance sheet this month.

On-chain data revealed that Binance surpassed Coinbase in stablecoin inflows this month. Binance saw a total of $60 billion in USDT and USDC deposits last month, compared to Coinbase’s $33 billion. Binance saw a total of $29 billion stablecoin inflows this month, surpassing Coinbase’s $19 billion.

Binance’s stablecoin reserves have also surged in the last month. The exchange’s USDT and USDC reserves reached a high of $8.9 billion on November 5. Bybit’s and OKX’s stablecoin reserves also peaked this month at $1.2 billion and 4500 million, respectively.

Crypto exchanges also saw an increase in altcoin inflows in the current market correction. Exchanges saw a record of $77,000 in altcoin inflows in mid-October. Coinbase attracted more than $26,000 in altcoin deposits, compared to Binance with $23,000. At the time of publication, Binance still has a total of $19,000 in altcoin deposits, followed by Coinbase with $8,000.

Crypto selling pressure increases amid market correction

CryptoQuant also noted a rise in selling pressure, citing an increase in the daily value of BTC and ETH inflows into exchanges last week to $40 billion. The surge in the daily value of BTC and ETH into exchanges also comes amid a drop in crypto prices.

At the time of publication, Bitcoin is trading at $86,940, staying unchanged in the last 24 hours. BTC has dropped 4.8% in the past 7 days and lost more than 25% in the previous 30 days.

CryptoQuant also noted that retail activity is overheating, citing a surge in Bitcoin futures to a level with too many retail traders. The analytics firm argued that an increase in retail trading frequency historically indicated excessive market speculation. The firm believes the current pattern signals a potential local top or an incoming price correction.

Ethereum has also declined by 4.55% over the last 7 days and is currently trading at $2,927. ETH has also dropped by nearly 30% over the previous 30 days.

Binance attracted around $15 billion in BTC and ETH, amounting to more than a third of total inflows. Coinbase saw a total of $11 billion in BTC and ETH inflows, while other exchanges recorded $14 billion in inflows.

On-chain data revealed that itcoin spot ETFs attracted more than $128.7 billion in inflows on Tuesday. Ethereum ETFs also broke their eight-day consecutive outflow streak, recording a total of 78.6 billion inflows on November 25.

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Crypto exchange inflows cool as market correction deepens


by Collins J. Okoth
for CryptoPolitan
Crypto exchange inflows cool as market correction deepens

Share:

Cryptocurrency exchanges are seeing a decrease in inflows amid the current market correction. On-chain data revealed that Binance recorded the most trading volumes in the period. 

Binance saw $25 billion in spot trading volume in the last day, with perpetual futures trading volume reaching $62 billion. Crypto.com and OKX followed with spot and futures trading volumes $4.6 billion and $36 billion, respectively. 

Binance records the most spot and futures trading volume in November

Binance reported the most spot and futures trading volume of $58 billion and $140 billion, respectively, during the market crash on October 10. The overall crypto spot and futures trading volume has dropped from its peak last month. On October 10, a daily spot trading volume high of $150 billion was recorded. Perpetual futures trading volume also peaked at around $360 billion on the same day.

November 4 recorded the highest daily spot trading volume of the month at around $100 billion. Spot trading has since plummeted to $65 billion in recent days. Perpetual futures trading is currently at $170 billion, down from $298 billion earlier this same month. 

Source: CryptoQuant. Total spot trading volume by exchange.

The surge in inflows in crypto exchanges in the current market correction also coincides with an increase in their stablecoin reserves. Binance reported the most USDT and USDC reserves this month, roughly $51.1 billion, as of November 15. OKX recorded a total of $10 billion in stablecoins in its balance sheet this month.

On-chain data revealed that Binance surpassed Coinbase in stablecoin inflows this month. Binance saw a total of $60 billion in USDT and USDC deposits last month, compared to Coinbase’s $33 billion. Binance saw a total of $29 billion stablecoin inflows this month, surpassing Coinbase’s $19 billion.

Binance’s stablecoin reserves have also surged in the last month. The exchange’s USDT and USDC reserves reached a high of $8.9 billion on November 5. Bybit’s and OKX’s stablecoin reserves also peaked this month at $1.2 billion and 4500 million, respectively.

Crypto exchanges also saw an increase in altcoin inflows in the current market correction. Exchanges saw a record of $77,000 in altcoin inflows in mid-October. Coinbase attracted more than $26,000 in altcoin deposits, compared to Binance with $23,000. At the time of publication, Binance still has a total of $19,000 in altcoin deposits, followed by Coinbase with $8,000.

Crypto selling pressure increases amid market correction

CryptoQuant also noted a rise in selling pressure, citing an increase in the daily value of BTC and ETH inflows into exchanges last week to $40 billion. The surge in the daily value of BTC and ETH into exchanges also comes amid a drop in crypto prices.

At the time of publication, Bitcoin is trading at $86,940, staying unchanged in the last 24 hours. BTC has dropped 4.8% in the past 7 days and lost more than 25% in the previous 30 days.

CryptoQuant also noted that retail activity is overheating, citing a surge in Bitcoin futures to a level with too many retail traders. The analytics firm argued that an increase in retail trading frequency historically indicated excessive market speculation. The firm believes the current pattern signals a potential local top or an incoming price correction.

Ethereum has also declined by 4.55% over the last 7 days and is currently trading at $2,927. ETH has also dropped by nearly 30% over the previous 30 days.

Binance attracted around $15 billion in BTC and ETH, amounting to more than a third of total inflows. Coinbase saw a total of $11 billion in BTC and ETH inflows, while other exchanges recorded $14 billion in inflows.

On-chain data revealed that itcoin spot ETFs attracted more than $128.7 billion in inflows on Tuesday. Ethereum ETFs also broke their eight-day consecutive outflow streak, recording a total of 78.6 billion inflows on November 25.

Join a premium crypto trading community free for 30 days - normally $100/mo.

Read the article at CryptoPolitan

In This News

Coins

$ 91.34K

+4.29%

$ 3.03K

+3.06%

$ 0.99985

+0.02%

$ 0.99975

0%

Share:

In This News

Coins

$ 91.34K

+4.29%

$ 3.03K

+3.06%

$ 0.99985

+0.02%

$ 0.99975

0%

Share:

Read More

Ethereum ETFs pull $175mln in two days, yet ETH stays weak — What’s wrong?

Ethereum ETFs pull $175mln in two days, yet ETH stays weak — What’s wrong?

Is the market sleepwalking into a major surprise?
Here are the market’s top trending cryptocurrencies today

Here are the market’s top trending cryptocurrencies today

Assessing the top trending tokens as November's end approaches.