According to DefiLlama data, Binance had a net inflow of $15.6 billion over the past month. What does that mean? Bybit's total assets are only $16 billion, and Robinhood's are around $14.3 billion. In other words, Binance's monthly fund growth is almost equal to Bybit's total holdings and even exceeds Robinhood's total assets. During the same period, OKX saw a monthly inflow of about $1.7 billion, and Bybit about $1.9 billion. Binance's inflow is basically 8–9 times theirs. Behind this, aside from market trends and the leading platform effect, I think there's another significant shift: Binance is aggressively expanding into TradFi. From gold and silver to popular U.S. stocks, ETFs, tokenized stocks, and pre-IPO assets, more and more traditional assets are being brought onto Binance. In the past, after making money in crypto, you'd have to transfer funds to a brokerage to buy stocks. Now, you can handle crypto, gold, U.S. stocks, and ETFs all in one account.