Centralized exchanges are the main gateways for traders to buy and sell crypto. Despite the significant rise in popularity and use of decentralized exchanges (DEXs) over the past year, CEXs still facilitate the majority of crypto transactions. As such, they provide the fundamental infrastructure for market liquidity and price formation.
Understanding their health and performance is important as it provides insight into market sentiment and user behavior. A net increase in inflows indicates an increase in trading activity, which depending on price movements, can indicate either bullish or bearish trends. Conversely, outflows often indicate that investors are moving their assets into cold storage, transferring them to other platforms, or taking profits. When substantial outflows are accompanied by falling prices, it may indicate bearish sentiment or concerns about the safety of a particular exchange. However, when the outflow occurs during a period of price stability or appreciation, it is seen as a bullish sign. A lack of money on the stock markets leads to a supply crisis that could further fuel rising prices.
By monitoring these movements, we can identify market trends and assess the liquidity and stability of different exchanges. It also enables detection of unusual activities that may precede market shifts, enabling proactive risk management. Overall, inflows and outflows are critical indicators that reflect the interactions between traders and exchanges, providing a clearer picture of the underlying forces driving the market.
| Name | Assets | Clean assets | 24 hour intake | 7d Inflow | 1 million inflow | Adjusted range Inflow | Spot volume | 24 hours open interest | Avg. leverage effect |
|---|---|---|---|---|---|---|---|---|---|
| Binance | $124.457 billion | $104.704 billion | -$145.29 million | -$909.75 million | -$1.541 billion | -$6.525 billion | $16.04 billion | $23.279 billion | 0.22x |
| OKX | $23.087 billion | $22.593 billion | $73.03 million | $132.39 million | $757.18 million | $534.94 million | $2.257 billion | $8.229 billion | 0.36x |
| Bitfinex | $20.85 billion | $16.913 billion | -$26.25 million | $99.17 million | $355.63 million | $355.64 million | $142.23 million | $504.06 million | 0.03x |
| Robin Hood | $16.182 billion | $16.182 billion | $44.34 million | $54.93 million | -$231.54 million | -$232.09 million | – | – | – |
| Bite | $9.466 billion | $9.455 billion | -$8.08 million | $35.88 million | -$167.6 million | -$100.55 million | $3.826 billion | $15,016 billion | 1.59x |
| Crypto.com | $7.237 billion | $6.526 billion | -$28.67 million | -$59.85 million | -$34.63 million | $3.46 million | $977.35 million | $407.33 million | 0.06x |
| HTX | $4.178 billion | $4.119 billion | $14.8 million | -$57.71 million | -$155.63 million | -$164.82 million | $2.42 billion | $1.551 billion | 0.38x |
| KuCoin | $3.207 billion | $2.992 billion | -$18.19 million | -$52.68 million | -$156.72 million | -$158.83 million | $644.71 million | $2.334 billion | 0.78x |
| Bit stamp | $3.076 billion | $3.076 billion | $3.86 million | $17.88 million | -$66 million | -$67.7 million | $235.33 million | – | – |
| Deribit | $3.412 billion | $3.412 billion | $12.97 million | -$9.76 million | -$353.69 million | -$357.69 million | – | $2.612 billion | 0.77x |
Dates of DeFi Lama showed a significant increase in outflows across all exchanges over the past month, with Binance standing out as the leader. In the last 30 days, Binance saw outflows of $1.541 billion, significantly higher than Deribit’s second highest outflow of $353.69 million.
As the largest centralized exchange both by volume and assets, Binance’s outflows will undoubtedly be outsized compared to other platforms in the market. However, the loss of more than $1.5 billion in assets has had a significant impact on the stock market.
Several factors may have contributed to this outflow. The first is the increased regulatory scrutiny the company faces in various jurisdictions around the world. Second, the exchange’s daily volume suggests that at least some of these outflows could be the result of users taking profits amid the market’s volatility.
Although the general trend is negative, there are some outliers in the market. Bitget and OKX in particular stand out with significant positive inflows. Bitget has the highest positive inflows of $1.049 billion, followed by OKX with $757.18 million. The data shows that the platforms are attracting significant new deposits compared to their competitors. This may be due to their reputation for security and their focus on professional traders and large traders. The consistent inflow suggests that Bitget is capturing significant market share.
Ranked by total value captured on the platform, Robinhood has also seen significant outflows over the past month. With $231.54 million in crypto outflows in the past 30 days, the exchange’s crypto trading segment may face competition from more established, crypto-focused exchanges.
When it comes to the assets held by these exchanges, Binance leads by a significant margin, with total assets worth $124.457 billion and clean assets of $104.704 billion. This substantial difference between Binance and its competitors indicates its dominant market position and extensive user base. OKX and Bitfinex follow, but with much lower asset figures. Robinhood also shows a strong presence, emphasizing its role as a notable exchange despite its roots as a stock trading platform.
Clean assets, which represent liquid and readily available assets, are exceptionally high for almost all exchanges relative to their total assets, indicating robust liquidity positions. This liquidity is crucial to maintaining user confidence and operational stability. The only outlier in this liquidity trend is Binance, which holds $19.75 billion less in clean assets.
Spot volume and open interest are critical indicators of trading activity and market engagement on these exchanges. Binance is once again leading in spot volume and open interest, underscoring its active trading environment. Bybit and OKX are also showing strong numbers, especially in open interest, indicating a healthy derivatives market and active user participation in futures and other leveraged products. Bitfinex and HTX are showing significant open interest relative to their spot volumes, highlighting their focus on derivatives. This trend is further accentuated by Bybit, which shows the highest average leverage (1.59x), indicating the propensity of its user base for leveraged trading.
With its massive asset base and trading volume, Binance’s dominance continues to shape the centralized exchange landscape. However, the huge outflow shows that problems could arise for the stock market. The high open interest and leverage on exchanges such as Bybit and Bitfinex emphasize the growing importance of derivatives in the crypto market. This trend shows a maturing market where advanced trading strategies are becoming more common. High levels of clean assets relative to total assets indicate strong liquidity positions for most exchanges, which are crucial for supporting operations and user confidence, especially during market volatility.
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