Depositing Behavior: Binance saw the largest spike in deposits, reaching ~16K transactions—higher than Bybit (~14K), OKX (~8K), and BitMEX (~550). After March, Binance deposits dropped significantly to an average of ~2K, even as Bitcoin’s price fluctuated. Bybit, however, maintained higher deposit levels, averaging ~10K-12K. This suggests that Binance users often "sell early" during rallies, favoring quick exits, while Bybit users stayed more active, continuing to deposit through the ups and downs.
Withdrawing Behavior: During the mid-year price drop, Binance withdrawals rose to ~5K but remained relatively moderate. Meanwhile, OKX and HTX Global withdrawals surged much higher in comparison to their typical activity, suggesting panic selling. In Q4, as Bitcoin’s price surpassed $100K, Binance withdrawals remained steady at ~1K, showing little selling pressure. By contrast, OKX and Bybit saw occasional spikes in withdrawals. This indicates that Binance users may have sold earlier but showed greater confidence to hold long-term or even a bit of FOMO (Fear of Missing Out) as Bitcoin rallied to new highs.
In-House Transactions: In March, Binance’s in-house transactions jumped to ~6K, coinciding with the spike in deposits and showcasing strong internal liquidity management. Competitors like OKX (~1.2K) and HTX Global (~500) trailed behind significantly. After May, Binance’s in-house activity settled at ~1K-2K, reflecting stability, while Bybit continued to see more spikes in its internal flows. This shows Binance managed liquidity smoothly, even during volatile periods.
Key observations: Bybit stood out as Binance's closest competitor in terms of retail activity but lacked Binance's stability, while OKX and HTX Global showed higher sensitivity to mid-year price declines, reflecting more volatile user sentiment. Overall, Binance outperformed its competitors in managing trader behavior and internal liquidity during Bitcoin’s volatility in 2024
Written by ShivenMoodley
