As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I’ve witnessed the rise and fall of countless projects, exchanges, and trends. The latest news about Binance’s staggering $24 billion inflow is nothing short of breathtaking, especially considering that their inflows are higher than ten exchanges combined.
In the year 2024, it’s been reported by DefiLlama that Binance, a popular cryptocurrency trading platform, has amassed approximately $24 billion through deposits made by its users.
In a blog post, Binance stated that its inflows outpaced more than ten exchanges collectively, indicating that this growth coincides with a global increase in digital asset adoption. This rise can be attributed to several factors such as regulatory successes, significant price achievements, and the introduction of Bitcoin exchange-traded funds in major markets like the U.S., Hong Kong, and others.
The advancements have attracted a massive influx of users to Binance, swelling its international user community to nearly 250 million individuals,” Binance stated in their December 12th report.
According to DefiLlama’s data, Bybit is the second-largest exchange in terms of inflows with approximately $8.2 billion, followed closely by OKX at about $5.3 billion. Unfortunately, there’s no information available for exchanges like Coinbase and Gemini from this specific source.
Among cryptocurrency exchanges, BitMEX, Robinhood, and HTX have experienced the second highest total deposits in recent times. According to DefiLlama’s records, these amounts are approximately $3.45 billion for BitMEX, $3.165 billion for Robinhood, and $2.12 billion for HTX.
Simultaneously, Bitstamp, Bitfinex, and Crypto.com experienced withdrawals totaling approximately 2.75 billion dollars, 1.77 billion dollars, and 358.1 million dollars respectively.
DefiLlama informed CryptoMoon that they are not monitoring Coinbase and other cryptocurrency platforms lacking “transparent wallets” as demonstrated by proof-of-reserves.
“While they report assets held due to being a publicly listed company, they haven’t provided wallet transparency. This is also why we haven’t added cbBTC, as we track wallets holding BTC for such projects.”
In the meantime, crypto exchanges like Binance have seen an influx of institutional money. The average Bitcoin deposit on these platforms rose from 0.36 Bitcoins in 2024 to 1.65 Bitcoins, as reported by CryptoQuant on Dec. 3. Similarly, deposits of Tether (USDT) skyrocketed from $19,600 to an astounding $230,000 over the same period.
Binance announced it was the initial centralized exchange (CEX) to exceed $100 trillion in total trading volume, referencing data from CCData.
According to CCData, OKX has a cumulative trading volume of $25 trillion, as of September 26th.
Although experts anticipated a major move towards Decentralized Exchanges (DEX) following the fall of FTX in November 2022, Centralized Exchanges (CEXs) are still leading in overall trading volume on the decentralized platform.
Over the past day, a staggering $276 billion worth of trades were recorded across 218 cryptocurrency exchanges that CoinGecko is monitoring. In contrast, decentralized exchanges (DEXs) have only handled approximately $28.5 billion in transactions during the same period.
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2024-12-13 08:23