Binance, the world’s largest cryptocurrency exchange, has solidified its dominance in 2024, recording over $24 billion in user deposit inflows, according to data from DefiLlama. This figure eclipses the combined inflows of 10 other major exchanges, including Bybit at $8.2 billion and OKX at $5.3 billion.
Binance attributes this surge to several market catalysts, including regulatory progress, landmark Bitcoin price rallies, and the introduction of spot Bitcoin exchange-traded funds (ETFs) in key regions. The exchange highlighted these milestones as instrumental in growing its user base to nearly 250 million globally.
In contrast, exchanges like Bitstamp, Bitfinex, and Crypto.com have faced significant outflows, with figures reaching $2.75 billion, $1.77 billion, and $358.1 million, respectively. DefiLlama clarified that its dataset excludes platforms such as Coinbase and Gemini due to their lack of wallet transparency.
Institutional Capital Boosts Growth
Institutional investors have played a crucial role in Binance’s success this year. According to CryptoQuant, the average Bitcoin deposit size on Binance grew from 0.36 BTC to 1.65 BTC, while USDt (Tether) deposits skyrocketed from $19,600 to $230,000. This influx of large-scale deposits underscores the growing confidence of institutional players in Binance’s ecosystem.
The platform also achieved a groundbreaking milestone, becoming the first centralized exchange (CEX) to surpass $100 trillion in lifetime trading volume, as reported by CCData. In comparison, OKX trails with a cumulative trading volume of $25 trillion.
Despite expectations of a shift toward decentralized exchanges (DEXs) following the FTX collapse in November 2022, centralized platforms continue to dominate. Data from CoinGecko reveals that CEXs accounted for $276 billion in trading volume within a 24-hour window, while DEXs managed just $28.5 billion during the same period.
A Year of Unprecedented Surge for Binance
As the cryptocurrency industry matures, Binance has emerged as a focal point for retail and institutional investors alike. Its ability to attract significant inflows and achieve record-breaking trading volumes signals not only the platform’s resilience but also the broader adoption of digital assets.
While competitors face challenges and decentralized platforms vie for market share, Binance’s regulatory advances, robust infrastructure, and growing institutional presence position it as the enduring leader in the crypto exchange landscape.
The post Binance Leads 2024 with $24B Inflows and Surpasses $100T in Trading Volume appeared first on TheCoinrise.com.