AM Markets Need to Know: Binance outflows surge, Democratic sweep bets rise, and more

Cryptocurrency exchange OKX recorded $445 million in daily net inflows, the highest among tracked exchanges, while Binance saw $7 billion in net outflows, marking the largest such figure in the sector. Following the reopening of withdrawals after a massive $6.3 billion hack, Binance's net outflows exceeded the previous day's $5.8 billion.

Bybit and Gate followed in second and third places, respectively, with $112 million and $91 million in net inflows. Bitget rounded out the top five with $54 million in net inflows. Binance's outflows surpassed its previous record, with the company stating it had replenished roughly 95% of the stolen assets, with the remaining 5% comprised of less liquid tokens.

The exchange is using its corporate treasury, a portion of its Secure Asset Fund for Users (SAFU) and futures insurance fund to replace the lost assets, without passing the losses onto customers. Binance's wallets held $127.9 billion at the time of writing, significantly more than OKX's $29 billion. Binance's BNB token gained 0.3% to $708, while OKX's OKB token rose 1.4% to trade near $113.