Massive stablecoin deposits highlight shifting capital flows on Binance, even as Bitcoin whipsawed below $110,000 amid whale-driven selling and heavy liquidations.
Users of the Binance cryptocurrency exchange deposited $1.65 billion in stablecoins, a large inflow often seen as a precursor to renewed demand for spot cryptocurrencies following the recent market sell-off.
The deposit coincided with nearly $1 billion in Ether (ETH) withdrawals from Binance, according to onchain analytics provider CryptoQuant. It also marked the second time this month that net stablecoin deposits on the exchange exceeded $1.5 billion, “underscoring a renewed wave of capital entering the spot market,” wrote CryptoQuant’s Amr Taha.
Binance, the world’s largest cryptocurrency exchange by trading volume, is closely watched for signs of broader market shifts. On Tuesday, it processed more than $29.5 billion in trades, nearly six times the volume handled by runner-up Bybit, according to CoinMarketCap.
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