Binance, the world’s largest cryptocurrency exchange, has recorded a staggering $23.67 billion in net inflows so far in 2024, according to data from DefiLlama. This massive inflow highlights the growing institutional and retail adoption of cryptoassets, with Binance attributing its dominance to factors such as regulatory clarity, historic market milestones, and the approval of spot Bitcoin exchange-traded funds (ETFs) in several markets. The top exchange has also hit record highs in terms of user base and lifetime trading volume.
Binance outpaces competitors by a wide margin
In a blog post dated 12 December 2024, Binance revealed that its inflows surpass those of the next ten exchanges combined, with its global user base growing to nearly 250 million users this year. Key competitors such as Bybit and OKX trail significantly, with year-to-date net inflows of $8.2 billion and $4 billion, respectively. Other exchanges, including Robinhood, HTX, Kucoin and Deribit, have seen net inflows of $3.23 billion, $1.9 billion, $254 million and $144 million, according to DefiLlama data.
On the flip side, several exchanges have faced net outflows year-to-date. Bitstamp, Bitfinex, and Crypto.com have experienced outflows of $2.88 billion, $2.86 billion, and $346 million, respectively.
However, some major exchanges like Coinbase and Gemini are absent from DefiLlama’s data due to a lack of wallet transparency and proof-of-reserves. While these publicly listed companies report their held assets, they have yet to adopt full wallet disclosure, according to DefiLlama.
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Binance becomes first crypto exchange to hit $100T in lifetime trading volume
Binance has also recorded a key milestone in 2024, becoming the first centralized exchange to exceed $100 trillion in lifetime trading volumes, as per CCData report. Coming second is OKX with a combined spot and derivative trading of approximately $25 trillion. Bybit stands as the third-largest CEX with its lifetime trading volumes sitting at $13.23 trillion. Bitget boasts an all-time trading volume of 10.93 trillion followed by HTX with its volume above $10 trillion.
Binance attributes its impressive growth and milestones in 2024 to a combination of several factors. These include improved regulatory clarity, which has bolstered investor confidence in cryptoassets. “These developments have driven millions of users to Binance, increasing its global user base to almost 250 million people,” Binance said in the report.
Strategic initiatives, partnerships, and product launches have also helped Binance solidify its market position. Among the strategic partnerships sealed by Binance in 2024 is the collaboration with Circle to boost the global adoption of USD Coin (USDC) and crypto.
Moreover, institutional capital has played a key role in Binance’s remarkable inflows. A recent report from CryptoQuant highlighted a significant increase in average BTC and Tether (USDT) deposits into CEXs so far this year. The average BTC deposit jumped from 0.36 BTC to 1.65 BTC in 2024, while USDT deposits soared from $19,600 to $230,000.
This trend indicates heightened institutional capital flowing into centralized exchanges (CEXs) like Binance, particularly as these platforms continue to dominate decentralized exchanges (DEXs) in trading volume. According to CoinGecko data, CEXs boasts $267 billion in trading volume over the past 24 hours, compared to just $33.6 billion on DEXs. Of the $267 billion 24-hour trading volume recorded across CEXs at the time of writing, Binance accounts for roughly $33 billion, further emphasizing the exchange’s dominance in the industry.
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Ndianabasi Tom A Petroleum Engineering degree holder, Ndianabasi’s interest since 2018 has been studying the ever-growing field of blockchain and cryptocurrency, keenly evaluating the innovation, exploration, and expansion of this field locally and globally. The founder of Nitadel a media platform, Ndianabasi has been a Writer at Crypto Asset Buyer (CAB) since 2021. When he is not drilling resources in the blockchain and cryptocurrency field, Ndianabasi is singing, reading, watching crime movies, or playing football.
