Research shows that the leading cryptocurrency exchange, Binance, has seen positive growth in terms of net cash flows over the past month. The exchange received over $900 million of new money in the exchange. BitFinex, on the other hand, is lacking behind, losing $740 million of its inflows.
Binance Continues To Improve
The work that Binance has been doing in the cryptocurrency space appears to be yielding its fruits. According to research, the exchange has received more than $907 million of fresh net inflows over the past 30 days.
As such, it has managed to establish itself as the predominant leader in this category, followed by Bitstamp which saw over $735 million flowing into it.
Using data on https://t.co/IT7N6RZRBF, 30-day net cash flows from exchanges:
1. Binance: +$907,064,539
2. Bitstamp: +$735,856,974
3. Bittrex: +$16,034,858
4. KuCoin: -$253,105
5. Kraken: -$54,686,740
6: Poloniex: -$83,369,350
7. BitMex: -$310,965,504
8. BitFinex: -$740,219,625
— Nik Patel (@cointradernik) July 20, 2019
Evidently, the only other exchange which is on the rise is Bittrex, while others are lacking behind.
It probably doesn’t come much as a surprise that Binance is leading this category. The cryptocurrency exchange has been doing plenty of work in order to improve its quality of service and to add new features for its traders.
Bitfinex Bringing Up The Rear
it appears that the exchange which has lost the most of its inflows in the past 30 days is Bitfinex.
It’s challenging to identify the particular reasons for this. Bitfinex is closely associated with the popular stable coin issuer Tether which is constantly under the radar given its scandalous past.
It’s also worth noting that iFinex, the parent company of Bitfinex and Tether saw the New York’s Attorney General office start an investigation against it. The NYAG alleged that Bitfinex covered up a loss of $850 million by accessing at least $700 million worth of USDT from the $900 million reserves of Tether.