The world’s biggest crypto exchange accounts for $21.6 billion in user fund deposits.
So far this year, users’ funds inflows to Binance the world’s largest digital asset exchange by registered users and trading volume are almost 40% higher than the total of the next 10 crypto exchanges combined, as ranked by DefiLlama.
According to the data platform, Binance accounts for $21.6 billion in inflows in 2024 to date, while the next 10 exchanges sum $15.9 billion (36% more).
This year, Binance inflows have been supported by heightened global optimism over digital assets, fueled by major regulatory wins, growing adoption and historical price milestones.
Binance’s global user base grew to 244 million people as more and more users have moved funds onto the exchange to participate in what may be the start of the golden age of crypto.
Another strong driver of inflows could be the success of the Binance Launchpool program this year, reflecting the growing user interest in new tokens.
Binance has observed that these funds tend to stay on the platform.
The crypto industry has reached historic milestones in 2024.
Bitcoin ETFs have gained approval in major markets such as the United States, Brazil, Hong Kong and Australia, signaling broader acceptance of digital assets.
Within just one year, net inflows into BTC ETFs surpassed those of gold ETFs, a testament to the growing role of crypto in finance and its deeper integration with more traditional institutions and systems.
The introduction of Bitcoin ETF options has made it easier for institutional investors to gain exposure and hedge risks, contributing significantly to the recent rally.
With substantial inflows into these ETFs, Bitcoin is poised for further integration into mainstream financial markets.
Richard Teng, CEO of Binance, said,
“2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our 244 million users and counting, who continued to trust Binance as their chosen platform for trading.
“Their unwavering support and confidence drives us to innovate and provide the best possible experience in the world of digital assets.”
Binance’s leadership in the crypto market is further underscored by another milestone recorded recently being the first crypto centralized exchange to surpass $100 trillion in lifetime volumes, according to the digital asset data provider CCData.
CryptoQuant, an on-chain and market data analytics provider, highlighted the following in their report.
“[This year] has marked a significant shift in the cryptocurrency industry, with exchanges reporting sharp increases in average Bitcoin and USDT deposits, signaling heightened institutional participation.
“Average Bitcoin deposits across all exchanges have risen from 0.36 BTC in 2023 to 1.65 BTC, while USDT deposits surged from $19,600 to $230,000.
“These larger deposits reflect growing interest from professional and corporate investors, distinguishing institutional activity from retail trading.
“Binance has led the industry in this institutional growth, posting the largest increase in average Bitcoin deposits among major exchanges.”
This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.
Follow Us on Twitter Facebook Telegram
The post Binance Inflows for 2024 Are Almost 40% Higher Than the Next 10 Exchanges Combined appeared first on The Daily Hodl.
