2024 marked a pivotal year in the crypto industry, as exchanges recorded a surge in average Bitcoin and USDT deposits, reflecting strong participation from institutional investors.
According to data from CryptoQuant, the average Bitcoin deposit increased from 0.36 BTC in 2023 to 1.65 BTC in 2024, while USDT deposits jumped from $19,600 to $230,000. These figures show a clear difference between institutional and retail trading activity.
Binance Leads the Institutional Growth Trend
Binance stands out among exchanges, leading the institutional growth trend with a significant increase in average Bitcoin deposits. According to a statement from Binance’s CEO, the institutional business has grown by 40% over the past year. Average daily Bitcoin deposits at Binance increased by 2.77 BTC, far surpassing Kraken and Coinbase, which increased by 0.56 BTC and 0.41 BTC, respectively.
Daily BTC deposits to exchanges
Regarding USDT, Binance and Bitfinex were the two exchanges that recorded the largest increases, with increases of $94,000 and $566,000 respectively. Binance alone saw its total USDT reserves reach an all-time high of $23 billion (issued using the ERC-20 standard). Meanwhile, at Bitfinex, the increase was largely due to large deposits from the treasury of Tether, the issuer of USDT.
On November 3, 2024, Binance recorded a record average daily Bitcoin deposit of 6.85 BTC ($465,000), a 9.6x increase from previous levels and a 14x increase when converted to USD.
On the same day, the average USDT deposit volume at Binance reached $303,000, the highest level since March 2022. These figures confirm Binance's role in attracting capital flows from institutional investors.
Growing Confidence in the Crypto Industry
The significant increase in institutional inflows reflects growing confidence in the crypto industry, supported by improvements in regulatory frameworks, infrastructure, and risk management processes. These factors are contributing to the consolidation of crypto as a maturing and increasingly attractive financial asset class.
