According to rankings from DefiLlama, so far this year, the user inflow to Binance, the world's largest digital asset exchange by registered users and trading volume, is nearly 40% higher than the total inflow of the next ten cryptocurrency exchanges combined. According to data from the platform, as of 2024, Binance's inflow is $21.6 billion, while the next ten exchanges' inflow is $15.9 billion (exceeding 36%).
This year, global optimism for digital assets has surged, supported by significant regulatory progress, increasing adoption rates, and prices reaching historic milestones. As more users transfer funds to the Binance exchange, participation in a potential cryptocurrency golden age may open up, and Binance's global user base has grown to 244 million. Another strong driver for inflow could be the success of this year's Binance Launchpool program, reflecting users' growing interest in new tokens. Binance has observed that these funds often remain on the platform.
In 2024, the crypto industry reached a historic milestone. Bitcoin ETFs have been approved in major markets such as the United States, Brazil, Hong Kong, and Australia, marking a broader acceptance of digital assets. Within just one year, the net inflow into BTC ETFs has surpassed that of gold ETFs, demonstrating the increasing role of cryptocurrencies in finance and their deeper integration with more traditional institutions and systems.
The launch of Bitcoin ETF options has made it easier for institutional investors to gain exposure and hedge risks, significantly contributing to the recent surge. With substantial funds flowing into these ETFs, Bitcoin is expected to further integrate into mainstream financial markets.
“2024 marks a milestone year for the cryptocurrency industry, and we are extremely grateful to our 244 million users, who continue to trust Binance as their chosen trading platform. Their unwavering support and confidence drive us to innovate and provide the best experience in the world of digital assets.” — Binance CEO Richard Teng
According to data from digital asset data provider CCData, another recently recorded milestone further underscores Binance's leadership in the cryptocurrency market, as it is the first centralized cryptocurrency exchange to exceed a lifecycle trading volume of $1 trillion.
On-chain and market data analysis provider CryptoQuant emphasized that this year “marks a significant shift in the cryptocurrency industry, with exchanges reporting a sharp increase in average deposits of Bitcoin and USDT, indicating a rise in institutional participation. The average Bitcoin deposit across all exchanges has risen from 0.36 BTC in 2023 to 1.65 BTC, while USDT deposits have skyrocketed from $19,600 to $230,000. These larger deposits reflect the growing interest of professional and institutional investors, distinguishing institutional activity from retail trading.”
Their report states, “Binance has led the industry in institutional growth, with the largest average increase in Bitcoin deposits among major exchanges.”
