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+7.32%
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Binance Soaks Up 90% Of ERC-20 Stablecoin Deposits, Pushing ETH Higher On Spot
By
Coin Edition
2 days ago
STABLE
ETH
WHEN
SPOT
HIGHER
- ERC-20 stablecoin inflows topped $640M on a 7-day MA, with Binance taking $566M, its third-largest intake.
- Ethereum spot demand followed, with 5,355 ETH leaving Binance over Nov. 5 to 7, a classic accumulation signature.
- Bitcoin open interest slipped from $11B to $10.8B, showing traders are rotating from leveraged trades to spot flows.
Fresh data from CryptoQuant showed ERC-20 stablecoin net inflows to exchanges climbed above $640 million on a seven-day moving average.
Binance absorbed about $566 million of that total, nearly 90% of the liquidity, marking the exchange’s third-largest stablecoin intake on record. The move came after October’s choppy deposit pattern, when net inflows swung from roughly $300 million to near zero. By early November, deposits pushed back over $600 million, signalling that “dry powder” was returning to the market and landing most…
Read The Full Article Binance Soaks Up 90% Of ERC-20 Stablecoin Deposits, Pushing ETH Higher On Spot On Coin Edition.
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