Cryptocurrency exchanges have seen a sharp increase in average deposits in 2024, driven by larger purchases from professional and corporate investors.
According to a Dec. 3 analysis by CryptoQuant, Binance saw its average daily Bitcoin (BTC) deposit rise by 2.77 BTC over the year, outpacing competitors like Kraken and Coinbase — with average daily deposits up by 0.56 BTC and 0.41 BTC, respectively.
Data across exchanges shows that average Bitcoin deposits escalated from 0.36 BTC in 2023 to 1.65 BTC in 2024, while deposits with Tether (USDT) stablecoin surged from $19,600 to $230,000, indicating growing participation from institutional investors and market makers inflows to exchanges.
Average Bitcoin deposits by exchange in 2024. Source: CryptoQuant
“As with Bitcoin, larger USDT exchange deposits are typically made by institutional investors or market makers,” note CryptoQuant’s analysis.
Binance set a new record with a daily deposit of 6.85 BTC on Nov. 3, valued at $465,000, marking a nearly tenfold increase from previous levels. The exchange also recorded a peak in daily USDT deposits at $303,000 — the highest since March 2022.
Binance’s CEO, Richard Teng, reportedly said in September that its corporate clients increased by 40% during 2024, according to CNBC.
Related: Crypto Biz: A crypto policy expert may run the SEC
Elections, ETFs spur crypto adoption
Investors’ improved sentiment toward digital assets can be partially attributed to Donald Trump’s reelection in the United States. His incoming administration is expected to foster more transparent and favorable regulations for cryptocurrencies in the country.
While campaigning, Trump pledged to replace the Securities and Exchange Commission leadership and establish a strategic US Bitcoin reserve.New products like spot Bitcoin exchange-traded funds (ETFs) have also supported institutional involvement in digital assets over the past few months. Combined, these funds held assets worth more than $30 billion as of November, with over $6.87 billion in inflows received over the past 30 days. Asset manager BlackRock already oversees over 2.3% of all Bitcoin in the world. Holdings of its iShares Bitcoin Trust (IBIT) reached 500,380 on Dec. 2, worth around $48 billion at current prices.Related: Trump makes big promises about crypto in US — But can he deliver?
