Binance recorded the strongest increase in deposits, reaching ~16K transactions, surpassing Bybit (~14K), OKX (~8K), and BitMEX (~550). After March, Binance deposits decreased significantly, averaging ~2K, despite Bitcoin's price fluctuations. In contrast, Bybit maintained higher deposit levels, averaging ~10K-12K.
Meanwhile, Binance withdrawals increased to ~5K during the mid-year price drop but remained at an average level. OKX and HTX Global saw a significant increase in withdrawals, indicating a panic selling mentality. By the end of the year, when Bitcoin surpassed $100K, Binance withdrawals stabilized at ~1K, showing little selling pressure.
Binance's internal trading increased ~6K in March, demonstrating good liquidity management. After May, internal activity stabilized at ~1K-2K, while Bybit experienced more volatility.
Overall, Binance excelled in managing trading behavior and internal liquidity compared to competitors in 2024.