Binance attributes the growth in customer deposit inflows to a global surge in the adoption of digital assets, historic price milstones, and the increasing regulatory clarity regarding cryptocurrency status.
Crypto exchange Binance has recorded $21.6 billion in user fund deposits from its 250 million user base in 2024, with average BTC deposit growth from 0.36 BTC to 1.65 BTC, and a surge in USDT deposits from $19.6k to $230k.
According to the press release, the amount of user deposits attracted by Binance this year is nearly 40% higher than the combined inflows ($15.9 billion) of the next ten exchanges in the DefiLlama rating. We must note, though, that the given list does not include data for a few big crypto platforms like Coinbase and Gemini, as they haven’t provided “wallet transparency” with proof-of-reserves.
The outstanding growth was triggered not only by Binance’s leading position among competitors in the space. The crypto exchange noted particularly favourable market conditions observed in 2024. Thus, the approval of Bitcoin ETFs in major global markets such as the United States, Brazil, Hong Kong, and Australia have significantly boosted both institutional and retail confidence in the security of crypto trading as well as in integration of bitcoin into mainstream finance. Therefore, net inflows into novel Bitcoin ETFs have even surpassed those of gold ETFs, reflecting investor interest and confidence in the crypto space.
Besides, the crypto rush was partially reignited with an ongoing rally in Bitcoin prices, driven by substantial institutional inflows as well as changing geopolitical realities. Notably, in November, Bitcoin hit a milestone of $75,800, as the outcome of the US election gave crypto enthusiasts hope for legal clarity and government-backed promotion. Today, the pioneer cryptocurrency has risen to once unbelievable price of $100,160 per token, as the bull market goes on unabated.
According to recent research, about 65% of investors purchase crypto with a long-term growth strategy. Surely, the early adopters who purchased the novel asset for $0,10 in 2010 have benefited the most, but even those who bought BTC during the “crypto winter” between 2021-2022 for about $40K have already seen their deposits grow more than twofold. Even with the forecast downward adjustment, which typically is about 20-40% for Bitcoin, the cryptocurrency shows many signs of mostly optimistic price trajectory ahead.
Earlier this year, Binance reached another milestone, becoming the first crypto exchange to exceed $100 trillion in lifetime trading volumes. Other cryptocurrency exchanges in this showed much more modest cumulative trading volumes, e.g. OKX had a result of about $25 trillion, ByBit has facilitated about $13T, while Bitget and HTX boasted near to $10T in trading volumes.
