Binance, the world’s largest cryptocurrency alternate, has seen person deposits surge previous $24 billion in 2024. In response to data from DefiLlama, the alternate has seen $24.213 billion in fund deposits for the reason that begin of the yr.
The determine places Binance forward of its opponents, with Bybit and OKX trailing behind at $8.2 billion and $5.3 billion, respectively.
In a blog post, Binance attributed the inflow to the rising international adoption of digital property, supported by regulatory advances and the launch of spot Bitcoin ETFs in key markets such because the U.S. and Hong Kong.
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Binance Person Base Hits 250 Million
Within the weblog put up, Binance additionally revealed that the latest constructive developments have pushed the alternate’s person base to almost 250 million.
Whereas Binance leads in inflows, different platforms have seen blended outcomes.
DefiLlama’s knowledge reveals that BitMEX, Robinhood, and HTX observe with web inflows of $3.45 billion, $3.165 billion, and $2.12 billion, respectively. In distinction, Bitstamp, Bitfinex, and Crypto.com skilled outflows of $2.75 billion, $1.77 billion, and $358.1 million.
Institutional capital has performed a serious function in Binance’s progress. The common Bitcoin deposit on the platform rose from 0.36 BTC to 1.65 BTC in 2024, whereas Tether deposits jumped from $19,600 to $230,000, in line with CryptoQuant’s December 3 report.
Binance’s dominance can be mirrored in its buying and selling quantity. It turned the primary centralized alternate (CEX) to surpass $100 trillion in lifetime buying and selling quantity, far outpacing OKX’s $25 trillion as of September 26, in line with CCData.
Regardless of predictions of a shift towards decentralized exchanges (DEXs) following the collapse of FTX in November 2022, CEXs proceed to command the vast majority of crypto buying and selling quantity.
Over the previous 24 hours, CoinGecko’s knowledge reveals that 218 CEXs facilitated $276 billion in trades, in comparison with simply $28.5 billion on DEXs.
“In 2024, we’re witnessing a brand new daybreak,” #Binance CEO @_RichardTeng informed @CNBCi, highlighting elevated institutional adoption from conventional markets.
This shift in momentum will probably be a key theme at #BinanceBlockchainWeek in Dubai, on Oct 30-31.
Full agenda
… pic.twitter.com/jowlxn8FMI
— Binance VIP & Institutional (@BinanceVIP) October 16, 2024
As reported, Binance CEO Richard Teng has said that it is “too early” to debate the potential of the crypto alternate re-entering the U.S. market following its compelled exit in November 2023.
“Whether or not we re-enter the US market, I believe that’s a untimely dialogue,” Teng mentioned. The assertion got here regardless of the upcoming administration of President-elect Donald Trump, which is predicted to be extra pro-crypto.
In the meantime, Binance has accelerated its international enlargement as of late. Earlier this yr, the platform launched Binance Thailand, a three way partnership in partnership with Gulf Innova, a subsidiary of Gulf Power Improvement.
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Crypto Trade Volumes Attain New Document in November
Notably, crypto alternate volumes surged to a three-year excessive in November, pushed by Donald Trump’s re-election at first of the month and rising optimism about potential crypto-friendly regulatory modifications.
Knowledge from crypto market tracker New Hedge revealed that spot buying and selling volumes reached $2.9 trillion in November, marking the best degree since Might 2021.
Moreover, November was a historic month for Bitcoin exchange-traded funds (ETFs) in america, with buyers pouring $6.4 billion into spot BTC ETFs.
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The put up Binance Sees Over $24B in User Deposits in 2024, DefiLlama Data Reveals appeared first on 99Bitcoins.