Binance Fund Inflows for 2024 Are Almost 40% Higher Than the Next 10 Exchanges Combined

13.12.2024

Main Takeaways:

Binance, the biggest crypto exchange in the world, 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 Bitcoin 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.
Binance became the first crypto exchange to exceed $100 trillion in lifetime trading volumes, showcasing its market dominance.

A Year of Exceptional Growth

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.

This 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: Data from DefiLlama, 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 tend to remain on the platform, which is proof of 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.

About Binance

Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 244 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means. For more information, visit: https://www.binance.com