{"id":28191,"date":"2024-12-13T09:40:51","date_gmt":"2024-12-13T09:40:51","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=28191"},"modified":"2024-12-13T09:40:51","modified_gmt":"2024-12-13T09:40:51","slug":"binance-sees-over-24b-in-user-deposits-in-2024-defillama-data-reveals","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=28191","title":{"rendered":"Binance Sees Over $24B in User Deposits in 2024, DefiLlama Data Reveals"},"content":{"rendered":"

Binance, the world\u2019s largest cryptocurrency exchange, has seen user deposits surge past $24 billion in 2024. According to <\/span>data from DefiLlama<\/span><\/a>, the exchange has seen $24.213 billion in fund deposits since the start of the year. <\/span><\/p>\n

The figure puts Binance ahead of its competitors, with Bybit and OKX trailing behind at $8.2 billion and $5.3 billion, respectively.<\/span><\/p>\n

In a <\/span>blog post<\/span><\/a>, Binance attributed the influx to the growing global adoption of digital assets, supported by regulatory advances and the launch of spot Bitcoin ETFs in key markets such as the U.S. and Hong Kong. <\/span><\/p>\n

EXPLORE:\u00a0<\/span>Binance Review and Comparison<\/span><\/a><\/strong><\/p>\n

Binance User Base Hits 250 Million<\/span><\/h2>\n

In the blog post, Binance also revealed that the recent positive developments have driven the exchange\u2019s user base to nearly 250 million.<\/span><\/p>\n

While Binance leads in inflows, other platforms have seen mixed results. <\/span><\/p>\n

DefiLlama\u2019s data shows that BitMEX, Robinhood, and HTX follow with net inflows of $3.45 billion, $3.165 billion, and $2.12 billion, respectively. In contrast, Bitstamp, Bitfinex, and Crypto.com experienced outflows of $2.75 billion, $1.77 billion, and $358.1 million.<\/span><\/p>\n

Institutional capital has played a major role in Binance\u2019s growth. The average Bitcoin deposit on the platform rose from 0.36 BTC to 1.65 BTC in 2024, while Tether deposits jumped from $19,600 to $230,000, according to CryptoQuant\u2019s December 3 report<\/a>.<\/span><\/p>\n

Binance\u2019s dominance is also reflected in its trading volume. It became the first centralized exchange (CEX) to surpass $100 trillion in lifetime trading volume, far outpacing OKX\u2019s $25 trillion as of September 26, according to CCData.<\/span><\/p>\n

Despite predictions of a shift toward decentralized exchanges (DEXs) following the collapse of FTX in November 2022, CEXs continue to command the majority of crypto trading volume. <\/span><\/p>\n

Over the past 24 hours, CoinGecko\u2019s data shows that 218 CEXs facilitated $276 billion in trades, compared to just $28.5 billion on DEXs.<\/span><\/p>\n

\u201cIn 2024, we are witnessing a new dawn,” #Binance<\/a> CEO @_RichardTeng<\/a> told @CNBCi<\/a>, highlighting increased institutional adoption from traditional markets.<\/p>\n

This shift in momentum will be a key theme at #BinanceBlockchainWeek<\/a> in Dubai, on Oct 30-31.<\/p>\n

Full agenda \u2026 pic.twitter.com\/jowlxn8FMI<\/a><\/p>\n

\u2014 Binance VIP & Institutional (@BinanceVIP) October 16, 2024<\/a><\/p>\n\n

As reported, Binance CEO Richard Teng has\u00a0<\/span>said\u00a0that it is \u201ctoo early\u201d<\/span><\/a> to discuss the possibility of the crypto exchange re-entering the U.S. market following its forced exit in November 2023.<\/span><\/p>\n

\u201cWhether we re-enter the US market, I think that\u2019s a premature discussion,\u201d Teng said. The statement came despite the upcoming administration of President-elect Donald Trump, which is expected to be more pro-crypto.<\/span><\/p>\n

Meanwhile, Binance has accelerated its global expansion as of late. Earlier this year, the platform launched Binance Thailand, a joint venture in partnership with Gulf Innova, a subsidiary of Gulf Energy Development.\u00a0<\/span><\/p>\n

EXPLORE:\u00a0<\/span>10 Best Decentralized Exchanges for September 2024\u00a0<\/span><\/a><\/strong><\/p>\n

Crypto Exchange Volumes Reach New Record in November<\/span><\/h2>\n

Notably, crypto exchange volumes surged to a three-year high in November, driven by Donald Trump\u2019s re-election at the start of the month and rising optimism about potential crypto-friendly regulatory changes.<\/span><\/p>\n

Data from crypto market tracker New Hedge revealed that spot trading volumes\u00a0<\/span>reached $2.9 trillion<\/span><\/a>\u00a0in November, marking the highest level since May 2021.<\/span><\/p>\n

Furthermore, November was a historic month for Bitcoin exchange-traded funds (ETFs) in the United States, with investors pouring $6.4 billion into spot BTC ETFs.<\/span><\/p>\n

EXPLORE<\/span><\/strong>:\u00a0<\/span>20 New Crypto Coins to Invest in 2024<\/span><\/a><\/strong><\/p>\n

The post Binance Sees Over $24B in User Deposits in 2024, DefiLlama Data Reveals<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Binance, the world\u2019s largest cryptocurrency exchange, has seen user deposits surge past $24 billion in 2024. According to data from DefiLlama, the exchange has seen $24.213 billion in fund deposits since the start of the year. The figure puts Binance ahead of its competitors, with Bybit and OKX trailing behind at $8.2 billion and $5.3 […]<\/p>\n","protected":false},"author":0,"featured_media":28192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-28191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/28191"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28191"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/28191\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/28192"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}