Bitcoin Exchanges' 2024 Deposit Entry Amounts Announced! Which Exchange is First? Here Are the Details

According to data from DefiLlama, cryptocurrency exchange Binance generated over $24.2 billion in net inflows from user deposits in 2024. Binance Records $24 Billion Net Inflow Amid Growing User Base and Institutional Interest This achievement underscores Binance’s position as a dominant player in the crypto ecosystem, supported by the global increase in institutional investments and digital asset adoption. Key Drivers Behind Binance’s Growth Binance attributes its inflows to a variety of factors, including: Regulatory developments: The exchange pointed to regulatory gains in key markets. Market milestones: Historic price benchmarks and the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, Hong Kong, and other major financial centers. Expanding user base: Binance’s global user base has reached nearly 250 million users, driven by the growing interest in digital assets. Binance signaled that it continues to lead the industry by stating that its inflows exceeded the combined total of 10 rival exchanges. Industry Comparisons According to DefiLlama, Binance’s net inflow of $24.2 billion outpaces its competitors: Bybit: $8.2 billion OKX: $5.3 billion Other exchanges like BitMEX, Robinhood, and HTX reported inflows of $3.45 billion, $3.165 billion, and $2.12 billion, respectively. However, some major players like Coinbase and Gemini were not included in DefiLlama’s list due to lack of wallet transparency or proof-of-reserve reporting. The outputs were observed at the following points: Bitstamp: $2.75 billion Bitfinex: $1.77 billion Crypto.com: $358.1 million Corporate Influence and Business Growth Institutional investors have contributed significantly to Binance’s performance in 2024. According to CryptoQuant, average Bitcoin deposits on Binance increased from 0.36 BTC to 1.65 BTC, while average Tether deposits jumped from $19,600 to $230,000. Additionally, according to CCData, Binance became the first centralized exchange (CEX) to surpass $100 trillion in trading volume. The next highest exchange, OKX, has a volume of $25 trillion in trading volume. *This is not investment advice. Continue Reading: Bitcoin Exchanges' 2024 Deposit Entry Amounts Announced! Which Exchange is First? Here Are the Details