Cryptocurrency exchange Binance has racked up over $24 billion in inflows from user deposits in 2024, according to data from DefiLlama.
In a blog where Binance said its inflows were higher than 10 exchanges combined, Binance said the “growth aligns with a surge in global adoption of digital assets” — pointing to regulatory victories, historic price milestones, and the spot Bitcoin exchange-traded funds launching in the United States, Hong Kong and other large markets.
“These developments have driven millions of users to Binance, increasing its global user base to almost 250 million people,” Binance said in the Dec. 12 report.
Data from DefiLlama shows the next-highest exchange by inflows is Bybit, with $8.2 billion, and OKX, at $5.3 billion. The list does not have data for the likes of Coinbase and Gemini, however.
BitMEX, Robinhood and HTX have seen the next largest net inflows among crypto exchanges, with proof-of-reserves showing it stands at $3.45 billion, $3.165 billion and $2.12 billion, DefiLlama data shows.
Meanwhile, Bitstamp, Bitfinex and Crypto.com have seen respective outflows of $2.75 billion, $1.77 billion and $358.1 million.
DefiLlama told Cointelegraph that it isn’t tracking Coinbase and other crypto exchanges that haven’t provided “wallet transparency” with 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.”
Meanwhile, Binance and other crypto exchanges have also attracted significantly more institutional capital, with the average Bitcoin (BTC) deposit increasing from 0.36 Bitcoin to 1.65 Bitcoin in 2024, while Tether (USDT) deposits soared from $19,600 to $230,000, according to a Dec. 3 report from CryptoQuant.
Related: Crypto exchange volume hits record high: CCData
Binance noted that it became the first centralized exchange (CEX) to surpass $100 trillion in trading volume, citing CCData.
OKX follows Binance with a lifetime trading volume of $25 trillion, CCData said, citing data from Sept. 26.
CEXs continue to dominate decentralized exchanges (DEX) in overall trading volume despite many industry pundits expecting a more significant shift to DEXs after FTX collapsed in November 2022.
There has been $276 billion in trading volume from 218 CEXs tracked by CoinGecko in the last 24 hours, while DEXs have only seen $28.5 billion.
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