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<p class="is-style-lead">Binance, crypto’s largest centralized exchange, saw $1.2 billion in net inflows as digital asset investors capitalized on a massive market drop caused by an unwinding yen carry trade.</p>
<p>Bitcoin’s (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) rebound and a bounce in the broader cryptocurrency market spiked trading activity on CEX platforms like Binance in the last 24 hours. Binance CEO Richard Teng, citing DefiLlama data, said the crypto exchange <a href="https://defillama.com/cexs" target="_blank" rel="noopener noreferrer nofollow">recorded</a> its highest single-day trading volume since the beginning of the year.</p>
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   <p lang="en" dir="ltr">Amid the macroeconomic climate and yesterday's market downturn, <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> recorded a net inflow of US$1.2 billion in the past 24 hours, according to <a href="https://twitter.com/DefiLlama?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@DefiLlama</a>'s CEX Transparency metrics.<br><br>This marks one of the highest net inflow days of 2024, indicating strong investor…</p>— Richard Teng (@_RichardTeng) <a href="https://twitter.com/_RichardTeng/status/1820792517069332991?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 6, 2024</a>
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<p>Bitcoin recovered to $55,000 and was up over 5% at press time, following a global market downturn on Aug. 5. Double-digit gains buoyed the total crypto market cap above $2 trillion again.</p>
<p>Market leaders Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) and Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>) also retraced losses, delivering profits for “buy-the-dip” investors. Memecoins emerged with one of the largest upticks as tokens like Brett (<a href="https://crypto.news/price/brett/" target="_blank" rel="noopener noreferrer nofollow">BRETT</a>), Pepe (<a href="https://crypto.news/price/pepe/" target="_blank" rel="noopener noreferrer nofollow">PEPE</a>), and Bonk (<a href="https://crypto.news/price/bonk/" target="_blank" rel="noopener noreferrer nofollow">BONK</a>) posted 10%+ increases.</p>
<p>You might also like: <a href="https://crypto.news/bitfinex-bitcoin-may-restest-48-9k-support/" rel="noopener noreferrer nofollow"> Bitfinex: Bitcoin may restest $48.9k support </a></p>
<h2 class="wp-block-heading" id="unwinding-carry-trade-kneecapped-crypto-markets-not-recession">Unwinding carry trade kneecapped crypto markets, not recession</h2>
<p>Despite speculations of a U.S. recession, the macro-driven impulse flush stemmed from circa $20 trillion Japanese yen-carry trades, according to Goldman Sachs. In this case, a carry trade involves borrowing the yen and selling it into other currencies like the U.S. dollar, then investing that fiat into higher yield-bearing assets.</p>
<p>JPMorgan reportedly estimated that the unwind is only halfway done, and more market shakeouts may be inbound.&nbsp;</p>
<p>M2 CEO Stefan Kimmel echoed analysis from both traditional finance titans. “While markets are recovering, and the worst appears to be behind, investors should be prepared for continued volatility,” Kimmel said via email.&nbsp;</p>
<p>As crypto.news reported, Bitfinex analysts and on-chain data <a href="https://crypto.news/bitfinex-bitcoin-may-restest-48-9k-support/" target="_blank" rel="noopener noreferrer nofollow">suggest</a> that Bitcoin may revisit its recent lows around $48,900. A drop to these levels could trigger another market flush-out before markets resume progressive price patterns.</p>
<p>Read more: <a href="https://crypto.news/spot-ethereum-etfs-see-48m-in-inflows-crypto-market-rebounds/" rel="noopener noreferrer nofollow"> Spot Ethereum ETFs see $48m in inflows, crypto market rebounds </a></p>

Binance logged $1.2b inflows as crypto markets bounces back

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