Binance has recorded substantial inflows totaling billions of dollars following the recent U.S. elections, a report released on Nov. 12 by CryptoSlate reveals.
Surge in Inflows Following Election Results
Since the Nov. 5 election, which saw former President Donald Trump’s victory, data from DeFiLlama shows Binance’s inflows have surpassed $7 billion. This volume far exceeds its closest competitor, OKX, which saw around $1 billion in inflows over the same timeframe.
Increase in Binance’s Asset Holdings
This inflow surge has boosted Binance’s platform holdings, bringing the total assets held by users to an impressive $140 billion. This is the highest asset level since Binance began disclosing its Proof of Reserves two years ago.
Binance’s Growing Reserve Share
CryptoQuant data also highlights Binance’s reserve percentage climbing to 25%, reflecting its share of total reserves across all exchanges. Coinbase currently holds a higher reserve percentage at 33%, but if Binance’s growth continues, it could soon rival Coinbase for the top position.
Post-Election Engagement and User Activity
Binance reported a spike in user engagement after the elections. On Nov. 6, the platform recorded over 13 million app visits in one day, driven by heightened interest following the election results.
Factors Behind Binance’s Growth
The exchange attributes its growth to its strong position as a favored trading platform amid rising demand for digital assets. This surge aligns with market trends, where Bitcoin and Ethereum prices have surged approximately 20% and 30%, respectively. Analysts believe optimism around Trump’s election outcome contributed to this rally.
Comments from Binance CEO Richard Teng
Binance CEO Richard Teng views these milestones as signs of the increasing acceptance of digital assets. He emphasized the growing role of crypto in broader economic discussions during the election cycle, describing this period as a “golden era of crypto” where the sector’s potential is being widely acknowledged.
Binance’s Market Dominance and Regulatory Challenges
Under Teng’s leadership, Binance remains the world’s largest cryptocurrency exchange, commanding over 40% of the market. However, it continues to face regulatory scrutiny across major jurisdictions, including the United States, Nigeria, and India.
The post Binance sees $7 billion inflow after US elections amid crypto rally appeared first on CryptoSlate.
