As an analyst with over a decade of experience in the financial markets, I have witnessed the evolution of digital assets from a novel concept to a mainstream investment option. The data presented in this report is a testament to the growing maturity and acceptance of cryptocurrencies, particularly Bitcoin, by professional and corporate investors.
2024 has witnessed a significant spike in the typical deposits made on cryptocurrency platforms, fueled by bigger investments from experienced individual and corporate investors.
Based on an analysis conducted on December 3 by CryptoQuant, Binance experienced a significant increase in its daily average Bitcoin (BTC) deposits, rising by approximately 2.77 BTC over the course of the year. This growth surpassed that of competitors such as Kraken and Coinbase, whose daily average deposits increased by 0.56 BTC and 0.41 BTC respectively.
The data gathered from various cryptocurrency exchanges indicates that the average Bitcoin deposit increased significantly, moving from 0.36 Bitcoins in the year 2023 to a much higher 1.65 Bitcoins in 2024. Similarly, deposits made using the Tether (USDT) stablecoin experienced a substantial rise, going from $19,600 to an impressive $230,000. This trend suggests that there is a growing involvement of institutional investors and market makers, as they are increasingly transferring their funds into these exchanges.
According to an analysis by CryptoQuant, large deposits into USDT exchanges, similar to Bitcoin, are often made by institutional investors and market makers.
On November 3rd, Binance reached an unprecedented milestone by receiving a single-day deposit of approximately 6.85 Bitcoin, equivalent to around $465,000 USD. This figure represents nearly a tenfold increase compared to past deposits. Additionally, the exchange saw its highest daily USDT deposit yet at $303,000 — a level not seen since March 2022.
Elections, ETFs spur crypto adoption
Improved investor attitudes towards digital assets might, in part, stem from the re-election of Donald Trump in the U.S. His upcoming administration may encourage clearer and more advantageous regulatory conditions for cryptocurrencies within the nation.
Read More
- Gaming News: Why Kingdom Come Deliverance II is Winning Hearts – A Reader’s Review
- Disney Cuts Rachel Zegler’s Screentime Amid Snow White Backlash: What’s Going On?
- Taylor Swift Denies Involvement as Legal Battle Explodes Between Blake Lively and Justin Baldoni
- Why Tina Fey’s Netflix Show The Four Seasons Is a Must-Watch Remake of a Classic Romcom
- Hut 8 ‘self-mining plans’ make it competitive post-halving: Benchmark
- The Weeknd Shocks Fans with Unforgettable Grammy Stage Comeback!
- S.T.A.L.K.E.R. 2 Major Patch 1.2 offer 1700 improvements
- Jujutsu Kaisen Reveals New Gojo and Geto Image That Will Break Your Heart Before the Movie!
- Disney’s Animal Kingdom Says Goodbye to ‘It’s Tough to Be a Bug’ for Zootopia Show
- Assassin’s Creed Shadows is Currently at About 300,000 Pre-Orders – Rumor
2024-12-03 20:01