Main Takeaways
Binance recorded $21.6 billion in user fund deposits in 2024, 36% more than the combined total of the next 10 crypto exchanges, which amounts to USD 15.9 billion.
The average BTC deposit across exchanges rose from 0.36 BTC to 1.65 BTC, while USDT deposits surged from $19.6k to $230k. These larger deposits reflect growing interest from professional and corporate investors.
Earlier this year, Binance became the first crypto exchange to exceed $100 trillion in lifetime trading volumes, showcasing its longstanding market dominance.
2024 has been a landmark year for Binance and the broader crypto industry. As optimism about digital assets continues to grow, Binance’s user fund inflows have outpaced its competitors by a staggering margin. According to DefiLlama, Binance recorded $21.6 billion in user fund deposits in 2024—nearly 40% higher than the $15.9 billion combined inflows of the next 10 exchanges in the ranks.
A Year of Exceptional Growth
Binance's growth aligns with a surge in global adoption of digital assets. Major regulatory wins, historical price milestones, and the approval of Bitcoin ETFs in markets such as the United States, Brazil, Hong Kong, and Australia have bolstered institutional and retail confidence. These developments have driven millions of users to Binance, increasing its global user base to almost 250 million people as of the writing of this article.
“2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our almost 250 million users, and counting, who continue to trust Binance as their chosen platform for trading,” said Richard Teng, Binance CEO.
Source: DefiLlama, January-December 2024.
The Bitcoin ETF Effect
One of the year’s most significant milestones has been the introduction of Bitcoin ETFs, which have made it easier for institutional investors to gain exposure to crypto assets. Within just a year, net inflows into Bitcoin ETFs have surpassed those of gold ETFs, highlighting crypto’s growing prominence in the financial world.
The introduction of ETF options has also spurred a rally in Bitcoin prices, driven by substantial institutional inflows. This growth underscores a broader trend: crypto is no longer an alternative asset class but an integral part of the global financial system.
Institutional Involvement on the Rise
Binance’s leadership is evident in its ability to attract institutional investors. According to CryptoQuant, the average Bitcoin deposit on exchanges increased significantly in 2024, rising from 0.36 BTC in 2023 to 1.65 BTC this year. Similarly, USDT deposits surged from $19.6k to $230k, reflecting the growing participation of professional and corporate investors.
CryptoQuant’s report highlights Binance as the leading platform in this institutional wave: “Binance has led the industry in institutional growth, posting the largest increase in average Bitcoin deposits among major exchanges.”
A New Era for Binance
Binance has also achieved a major industry milestone by becoming the first centralized crypto exchange to surpass $100 trillion in lifetime trading volumes, as reported by CCData. This accomplishment underscores Binance’s unparalleled scale, liquidity, and user trust.
The success of Binance Launchpool, which allows users to farm new token rewards, has further fueled inflows, reflecting the growing interest in innovative crypto opportunities. Binance has observed that most of these funds remain on the platform, proving user confidence in Binance’s offerings.
The achievements of 2024 signal the dawn of a new era for digital assets. As crypto moves closer to mainstream adoption, Binance continues to lead with innovation, transparency, and user-first initiatives.
