PANews reported on December 4 that according to DefiLlama's ranking, so far this year, Binance, the world's largest digital asset exchange, has seen user capital inflows nearly 40% higher than the combined total of the next 10 cryptocurrency exchanges, calculated by registered users and trading volume. According to the data platform, by 2024, Binance's capital inflows will be $21.6 billion, while the next 10 exchanges will have capital inflows of $15.9 billion (36% more).
Binance inflows have been supported by growing global optimism for digital assets this year, driven by significant regulatory progress, growing adoption, and historical price milestones. Binance's global user base has grown to 244 million as more users move their funds to the exchange to participate in what could be a golden age for cryptocurrencies. Another strong driver of inflows could be the success of this year's Binance Launchpool program, reflecting growing user interest in new tokens. Binance has observed that these funds tend to stay on the platform. In 2024, the crypto industry reached a historic milestone. Bitcoin ETFs have been approved in major markets such as the United States, Brazil, Hong Kong, and Australia, signaling a wider acceptance of digital assets. In just one year, BTC ETFs have seen net inflows surpass gold ETFs, a testament to the growing role of cryptocurrencies in finance and their deeper integration with more traditional institutions and systems. The launch of Bitcoin ETF options, which makes it easier for institutional investors to gain exposure and hedge risk, has contributed significantly to the recent rally. With large inflows into these ETFs, Bitcoin is expected to further integrate into mainstream financial markets. Richard Teng, CEO of Binance, said: “2024 marks a landmark year for the cryptocurrency industry, and we are extremely grateful to our 244 million users, and counting, who continue to trust Binance as their trading platform of choice. Their unwavering support and confidence drive us to innovate and deliver the best experience in the world of digital assets.”
Binance’s leadership in the cryptocurrency market has been further highlighted by another milestone recorded recently, becoming the first cryptocurrency centralized exchange to surpass $100 trillion in lifetime trading volume, according to digital asset data provider CCData. CryptoQuant, an on-chain and market data analytics provider, highlighted that this year “marked a significant shift in the cryptocurrency industry, with exchanges reporting sharp increases in average Bitcoin and USDT deposits, indicating increased institutional participation. Average Bitcoin deposits across all exchanges have risen from 0.36 BTC to 1.65 BTC in 2023, while USDT deposits have surged from $19,600 to $230,000. These larger deposits reflect growing interest from professional and corporate investors, distinguishing institutional activity from retail trading.” Their report states that “Binance led the industry in institutional growth, with the largest increase in average Bitcoin deposits among major exchanges.”
