Wednesday, February 19, 2025

Binance Leads Crypto Exchanges with Record $21.6 Billion in Deposits for 2024

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KEY TAKEAWAYS

  • Binance has achieved a significant milestone in 2024, with $21.6 billion in user fund deposits, surpassing the next ten crypto exchanges combined.
  • The introduction of Bitcoin ETFs has simplified access for institutional investors, leading to a surge in Bitcoin prices and institutional inflows.
  • Binance has become the first centralized crypto exchange to surpass $100 trillion in lifetime trading volumes, highlighting its dominance in the market.
  • Increased institutional involvement is evident, with average Bitcoin deposits on exchanges rising significantly, driven by professional and corporate investors.

Binance, the world’s largest cryptocurrency exchange, has reported a significant milestone in 2024, recording $21.6 billion in user fund deposits. This figure is 36% more than the combined total of the next ten crypto exchanges, which amounts to $15.9 billion. The data, sourced from DefiLlama, highlights Binance’s continued dominance in the crypto market.

The average Bitcoin deposit across exchanges has seen a notable increase, rising from 0.36 BTC to 1.65 BTC. Similarly, USDT deposits have surged from $19.6k to $230k. These larger deposits indicate a growing interest from professional and corporate investors, further solidifying Binance’s position as a leader in the industry.

A Year of Exceptional Growth

The year 2024 has been pivotal for Binance and the broader cryptocurrency sector. As optimism around digital assets grows, Binance’s user fund inflows have significantly outpaced its competitors. According to DefiLlama, Binance’s deposits are nearly 40% higher than the combined inflows of the next ten exchanges.

This growth aligns with a surge in global adoption of digital assets, driven by major regulatory wins and the approval of Bitcoin ETFs in markets such as the United States, Brazil, Hong Kong, and Australia. These developments have increased institutional and retail confidence, expanding Binance’s global user base to almost 250 million people.

Richard Teng, CEO of Binance, commented on this achievement, stating, “2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our almost 250 million users, and counting, who continue to trust Binance as their chosen platform for trading.” The full announcement can be found here.

The Bitcoin ETF Effect

One of the most significant developments of the year has been the introduction of Bitcoin ETFs, which have simplified access for institutional investors to crypto assets. Within a year, net inflows into Bitcoin ETFs have surpassed those of gold ETFs, underscoring the growing prominence of cryptocurrencies in the financial world.

The availability of ETF options has also contributed to a rally in Bitcoin prices, driven by substantial institutional inflows. This trend highlights the shift of cryptocurrencies from being an alternative asset class to becoming an integral part of the global financial system.

Institutional Involvement on the Rise

Binance’s leadership in attracting institutional investors is evident. According to CryptoQuant, the average Bitcoin deposit on exchanges increased significantly in 2024, from 0.36 BTC in 2023 to 1.65 BTC. Similarly, USDT deposits saw a dramatic rise, reflecting the growing participation of professional and corporate investors.

CryptoQuant’s report identifies Binance as the leading platform in this institutional wave, noting its substantial increase in average Bitcoin deposits among major exchanges.

Additionally, Binance has achieved a major industry milestone by becoming the first centralized crypto exchange to surpass $100 trillion in lifetime trading volumes, as reported by CCData. This accomplishment underscores Binance’s unparalleled scale, liquidity, and user trust.

The success of Binance Launchpool, which allows users to farm new token rewards, has further fueled inflows, reflecting the growing interest in innovative crypto opportunities. Most of these funds tend to remain on the platform, indicating user confidence in Binance’s offerings.


Disclaimer: The views expressed in this article are those of the authors and do not necessarily reflect the official policy of CoinsHolder. Content, including that generated with the help of AI, is for informational purposes only and is not intended as legal, financial, or professional advice. Readers should do their research before taking any actions related to the company and carry full responsibility for their decisions.
Neel Kapoor
Neel Kapoor
Neel Kapoor is a dedicated cryptocurrency enthusiast and blockchain expert at Coinsholder.com. With over a decade of experience, Neel offers insightful analysis and commentary on the latest trends and innovations in the crypto space. His clear and concise writing makes complex topics accessible to all readers.

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