Binance CEO reveals $1.2 billion in net inflows in the past 24 hours

Richard Teng, CEO of Binance, revealed on August 6 that the exchange experienced a remarkable $1.2 billion net inflow over the previous 24 hours, according to data from DefiLlama. Teng attributed this significant inflow to strong investor confidence and enthusiasm to purchase cryptocurrencies during the current market dip. This large inflow is among the highest recorded for Binance this year, reflecting robust trading activity on August 5.

The news of the record inflows was widely shared by Chinese cryptocurrency journalist Colin Wu on X (formerly Twitter), further highlighting the impact of Teng's announcement.

Teng's View on Market Conditions

In a recent statement on his X account, Teng addressed the recent declines in the cryptocurrency and stock markets, attributing them to broader macroeconomic factors. Despite these short-term downturns, Teng remains optimistic about the long-term outlook for the crypto market. He advised the community to focus on "keeping building" rather than being overly concerned about current market fluctuations.

Teng also noted the potential for increased market volatility due to upcoming interest rate decisions by the U.S. Federal Reserve and ongoing geopolitical uncertainties. He emphasised that these factors could lead to significant market movements, but he believes the fundamental potential for the crypto market remains strong.