Binance inflows 40% more than the next 10 exchanges combined in 2024

Binance, the world’s largest crypto exchange, has seen a huge increase in user deposits this year. According to DefiLlama, the exchange has received $21.6 billion in inflows so far this year, which is nearly 40% more than the combined total of the next ten largest exchanges, which recorded $15.9 billion.

The surge in Binance’s inflows is driven by increased global optimism about digital assets. This is supported by regulatory approvals, wider adoption, and record-breaking price achievements in the crypto market.

Binance’s user base has grown to 244 million people, as more users trust the platform and move their funds to take advantage of new opportunities in the growing cryptocurrency market.

Binance’s Launchpool program, which offers access to new tokens, has also been a key factor in drawing more users and keeping their funds on the platform.

The cryptocurrency market overall has seen major developments in 2024. Bitcoin ETFs have been approved in key markets like the United States, Brazil, Hong Kong, and Australia, making it easier for institutional investors to participate. These developments have led to significant inflows into Bitcoin ETFs, which have even surpassed gold ETFs in net inflows.

Richard Teng, Binance CEO, said, “2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our 244 million users, and counting, who continued to trust Binance as their chosen platform for trading. Their unwavering support and confidence drives us to innovate and provide the best possible experience in the world of digital assets.”

Binance’s leadership in the crypto market is further underscored by another milestone recorded recently, being the first crypto centralized exchange to surpass $ 100 trillion in lifetime volumes, according to the digital asset data provider CCData.

CryptoQuant, an on-chain and market data analytics provider, highlighted that “this year has marked a significant shift in the cryptocurrency industry, with exchanges reporting sharp increases in average Bitcoin and USDT deposits, signaling heightened institutional participation. Average Bitcoin deposits across all exchanges have risen from 0.36 BTC in 2023 to 1.65 BTC, while USDT deposits surged from $19.6k to $230k. These larger deposits reflect growing interest from professional and corporate investors, distinguishing institutional activity from retail trading.”

“Binance has led the industry in this institutional growth, posting the largest increase in average Bitcoin deposits among major exchanges”, their report says.