Binance and Coinbase Exchanges Receive a Massive $9.3 Billion Inflow of ERC-20 Stablecoins

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Following the US presidential election results yesterday, a substantial $9.3 billion worth of ERC-20 stablecoins were deposited into cryptocurrency exchanges. This marks the second largest influx of ERC-20 stablecoins since their inception.

Of the total $9.3 billion, Binance received approximately $4.3 billion and Coinbase inflow around $3.4 billion, with the remaining amount deposited into smaller exchanges.

Historically, large-scale inflows and subsequent upward trends between September 2020 and February 2021 have coincided with bullish market rallies. If the current massive influx initiates a similar upward trend, the cryptocurrency market is likely to experience another bullish rally.