2024

Richard

Hedge

In an unprecedented surge, Binance, the world's leading cryptocurrency exchange, has seen user deposits soar past the $24 billion mark in 2024, according to DefiLlama. This tremendous influx of funds, reaching $24.213 billion since the start of the year, places Binance significantly ahead of its competitors. Bybit and OKX trail far behind with deposits at $8.2 billion and $5.3 billion, respectively.
The exchange attributes this growth to the increasing worldwide adoption of digital assets, bolstered by regulatory advancements and the introduction of spot <a href="https://yellow.com/asset/btc" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs in major markets like the U.S. and Hong Kong.
Intriguingly, Binance's user base has also <a href="https://99bitcoins.com/news/binance-sees-over-24b-in-user-deposits-in-2024-defillama-data-reveals/" rel="noopener noreferrer nofollow">expanded</a>, now approaching the 250 million mark. While Binance surges ahead with inflows, other exchanges have experienced diverse outcomes.
DefiLlama reports net inflows for BitMEX, Robinhood, and HTX at $3.45 billion, $3.165 billion, and $2.12 billion, respectively. However, Bitstamp, Bitfinex, and Crypto.com have faced outflows amounting to $2.75 billion, $1.77 billion, and $358.1 million.
Institutional investments have significantly contributed to Binance's expansion. On average, Bitcoin deposits on the platform increased from 0.36 BTC to 1.65 BTC in 2024, while Tether deposits leaped from $19,600 to $230,000, reported by CryptoQuant on December 3. Binance's leadership is similarly evident in its trading volume, now the first centralized exchange (CEX) to exceed $100 trillion in lifetime trading volume, outstripping OKX's $25 trillion by a considerable margin, per CCData.
Despite anticipations for a pivot towards decentralized exchanges (DEXs) after FTX's collapse in November 2022, CEXs still dominate crypto trading volumes. In the last 24 hours, CoinGecko recorded $276 billion in trades across 218 CEXs, in stark contrast to just $28.5 billion on DEXs.
In 2024, a new era is emerging, notes Binance CEO Richard Teng, emphasizing the uptick in institutional participation from traditional markets. This shift is expected to be a central topic at Binance Blockchain Week in Dubai, occurring from October 30 to 31.
Nevertheless, Teng maintains that discussions on re-entering the U.S. market are premature after Binance's exit in November 2023. Despite an upcoming administration under President-elect Donald Trump, anticipated to be more crypto-friendly, Teng states, "Whether we re-enter the US market, I think that’s a premature discussion." Meanwhile, Binance continues its global outreach, launching Binance Thailand, in a joint venture with Gulf Innova, affiliated with Gulf Energy Development, earlier this year.
Crypto exchange volumes reached unprecedented levels in November, spurred by Donald Trump's re-election and heightened optimism towards favorable crypto regulations. Market tracker New Hedge recorded spot trading volumes at a three-year peak of $2.9 trillion for November, the highest since May 2021. Furthermore, November marked a landmark for Bitcoin ETFs in the U.S., with investors funneling $6.4 billion into spot BTC ETFs.

Binance Attracts $24B in New Deposits Since 2024 Start, Data Shows

Yellow News

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