Head of Binance Richard Teng, who took over from the founder and former CEO of the platform Changpeng Zhao (CZ), has made a statement about a massive inflow experienced by the exchange within just 24 hours.
Binance sees record inflows, per CEO
On Aug. 6, Richard Teng spread the word that, according to data provided by DefiLlama, over the previous 24 hours, the exchange witnessed one of the largest daily inflows this year. It was an eye-dropping $1.2 billion.
Teng believes that an inflow this large shows a strong level of investor confidence and their enthusiasm to buy cryptocurrencies on the current dip. Aside from that, the above-mentioned day — Aug. 5 — also showed one of the highest trading volumes for Binance this year. This is another indication of the conclusion suggested by Teng.
Binance CEO’s message was spread around the X community by the Chinese cryptocurrency journalist and blogger Colin Wu.
Yuri MolchanTeng's recent crypto crash statement
Earlier this week, the chief of Binance took to his X account to share his take on the recent crash seen by the cryptocurrency and stock markets around the world. He pointed out that these recent sharp drops were caused by macroeconomic factors. However, Teng urges the crypto community not to expect the negative trend on the crypto market to extend in the long term.
He also reminded the community about the “significant potential for market fluctuations” due to potential interest rate cuts to be made by the U.S. Fed Reserve and the overall geopolitical volatility. The important thing now is to “keep building,” Richard Teng believes.
