Binance sees $24 billion of inflows in 2024, the biggest in the sector

-

The crypto exchange has racked up over $24 billion in inflows from user deposits so far this year, thanks to a booming interest in crypto assets.

Data from DefiLlama reveals that this impressive figure surpasses the combined inflows of ten other exchanges.

Domination

In a new blog post, Binance attributed its growth to a global surge in crypto adoption, driven by regulatory wins, historic price milestones, and the launch of spot Bitcoin ETFs in major markets like the U.S. and Hong Kong.

“These developments have attracted millions of users to Binance, bringing our global user base to nearly 250 million.”

Bybit comes in second with $8.2 billion in inflows, followed by OKX at $5.3 billion. Interestingly, DefiLlama doesn’t track platforms like Coinbase and Gemini due to their lack of “wallet transparency” with proof-of-reserves.

Multiplayer

Among other exchanges, BitMEX, Robinhood, and HTX have seen inflows of $3.45 billion, $3.165 billion, and $2.12 billion, respectively.

On the other hand, Bitstamp, Bitfinex, and Crypto.com have experienced outflows of $2.75 billion, $1.77 billion, and $358.1 million.

DefiLlama

DefiLlama explained that they don’t track Coinbase and similar exchanges because they haven’t provided sufficient transparency regarding their wallets.

While they report assets held due to being a publicly listed company, they haven’t provided wallet transparency,” they noted.

Hall of fame

On a positive note for Binance and others in the crypto space, there’s been a big uptick in institutional capital, and the average Bitcoin deposit has jumped from 0.36 Bitcoin to 1.65 Bitcoin, while USDT deposits skyrocketed from about $19,600 to $230,000.

In another nice milestone, Binance has become the first centralized exchange to surpass $100 trillion in trading volume! OKX follows with a lifetime trading volume of $25 trillion.

Despite predictions that decentralized exchanges would take over after the FTX collapse in November 2022, CEXs continue to dominate trading volume, and CoinGecko reports that CEXs tracked over $276 billion in trading volume within the last 24 hours, while DEXs managed only $28.5 billion.

Have you read it yet? Lawsuit against Nvidia

LATEST POSTS

The Crypto Fear and Greed Index says HODL?

The crypto market’s been doing its usual dance, up, down, sideways. Annoying, but it is, what it is. The big headline? The Crypto Fear and...

Russia’s Rostec rolls out RUBx, a ruble-backed stablecoin on TRON

Russia’s defense and tech giant, Rostec, is stepping into the crypto ring with a new player. Meet RUBx, a stablecoin pegged one-to-one with the Russian...

The Brazilian job, or how to buy $140 million cash for $2,700?

Brazil just got hit with one of the nastiest cyber heists in its history. We’re talkin’ about a cool $140 million gone in the blink...

Gemini’s tokenized stocks are here, and the lineup is impressive

Gemini just dropped a big move, and it’s not your grandma’s stock market update. They’ve unleashed a whole new lineup of tokenized stocks on the...

Most Popular

Guest posts