Binance records $7 billion weekly inflows as Bitcoin surge attract investors

Exchange Benchmark November 2024 – CCData

However, Binances rising activity is also due to its reputation. According to CCData, Binance ranked second to Coinbase among top spot exchanges in the November Exchange Benchmark, with an AA rating based on security, KYC/Transaction risks, regulatory compliance, market quality, transparency, and data availability. When it comes to derivatives trading, it is the top exchange, beating the likes of Kraken, OKX, Bybit, and Crypto.com.

Bitcoin Whales are offloading while Shrimps are buying

Meanwhile, the increase in inflows to Binance is likely because whales have been busy distributing their assets now that Bitcoin is reaching new highs. According to for two months.

However, the Shrimps, i.e., those holding less than 1 BTC and all other cohorts of holders apart from the whales, have been busy with accumulation over the last two months. Van Stratten notes that this shows that retail holders might have become the new smart money as their accumulation coincides with the rise in the value of the asset.

Nonetheless, most people still hold, suggesting that long-term holders (LTH) are not convinced to sell off at the current prices. Glassnode data shows that LTH presently accounts for 78% of Bitcoin supply and has only reduced its holding by 3% over the past 30 days. Short-term holders now appear to be more likely to sell.