In 2024, cryptocurrency exchanges saw a significant influx of new funds from users, which can be attributed to the unprecedented bull market within the crypto landscape. Among these exchanges, Binance stood out, where the inflow of funds from users was nearly 30% higher than the total sum entrusted to the next ten cryptocurrency exchanges – according to data from DefiLlama.
Binance recorded an influx of funds amounting to $25.2 billion USD from the beginning of 2024 until December 8 of the same year, while the next ten exchanges collectively achieved $19.7 billion USD. This is 28% less than Binance.
Increases on all exchanges were buoyed by global optimism towards digital assets, spurred on by the introduction of Bitcoin ETFs into major markets such as the United States, Brazil, Hong Kong, and Australia. In just one year, net inflows into them exceeded those into gold ETFs, indicative of the growing role of cryptocurrencies in finance and their deeper integration with traditional institutions.
Meanwhile, the introduction of options for trading Bitcoin ETFs facilitated institutional investors in gaining exposure and hedging risk, which significantly contributed to the recent cryptocurrency rally. Also, the anticipated pro-crypto policy of Donald Trump’s administration played its part.
Investors’ confidence was further bolstered by the announcement of president-elect of the USA, about the appointment of the former commissioner of the Securities and Exchange Commission, Paul Atkins, a staunch supporter of cryptocurrencies, for the position of Chairman of the Securities and Exchange Commission (SEC).
All these factors led to a significant increase in interest in cryptocurrencies from professional and corporate investors, as noted by the analytics firm CryptoQuant in their recent report.
According to their data, the value of average bitcoin deposits on all exchanges rose from 0.36 BTC in 2023 to 1.65 BTC, while USDT deposits rose from $19.6k to $230k.
“Binance is leading in this institutional expansion, recording the largest increase in average Bitcoin deposits among major exchanges,” the firm emphasized in their report.
“The year 2024 has been a breakthrough for the cryptocurrency industry, and we are incredibly grateful to our 244 million users who continue to trust Binance as their trading platform. Their unwavering support and trust motivate us to innovate and deliver the best possible experiences in the world of digital assets,” said Richard Teng, CEO of Binance.
Source: https://managerplus.pl/kryptowalutowe-gieldy-przyciagnely-miliardy-w-2024-roku-28594
