Crypto News (December 13, 2024) – Binance Dominates Crypto Market with Record Deposits and Spot Bitcoin ETFs
Crypto News (December 13, 2024) – Binance (BNB), the world’s largest cryptocurrency exchange by trading volume, has reported a staggering $24 billion in inflows from user deposits so far in 2024, according to data from DefiLlama. This massive surge in deposits has positioned Binance far ahead of its competitors, surpassing the combined inflows of the top 10 other exchanges. In a blog post released on December 12, Binance attributed this growth to multiple key factors, including a global surge in the adoption of digital assets, regulatory successes, historic price milestones, and the launch of spot Bitcoin ETFs in major markets.
Key Drivers of Binance’s Record Growth
The exchange highlighted that these developments have attracted millions of new users, expanding its global user base to nearly 250 million people. Binance’s dominance is evident, with Bybit ranking second in terms of inflows at $8.2 billion, and OKX coming in third with $5.3 billion, according to the DefiLlama data. However, platforms like Coinbase and Gemini are not included in this list, as they have not provided full transparency through proof-of-reserves.
Institutional Capital and Increased Bitcoin Deposits
Binance also noted an increase in institutional capital, with average Bitcoin deposits rising from 0.36 BTC to 1.65 BTC in 2024. Similarly, deposits in USDT have skyrocketed, jumping from an average of $19,600 to $230,000. This growth reflects a broader trend where more institutional investors are turning to centralized exchanges for secure and liquid cryptocurrency trading. In fact, Binance became the first centralized exchange (CEX) to surpass $100 trillion in trading volume, according to CCData.
CEXs vs. DEXs: The Continuing Dominance of Centralized Exchanges
Despite many industry analysts expecting a shift towards decentralized exchanges (DEXs) following the collapse of FTX in November 2022, centralized exchanges continue to dominate the crypto market. The latest data from CoinGecko shows that CEXs have accounted for $276 billion in trading volume over the last 24 hours, compared to just $28.5 billion for DEXs.
As of September 26, OKX holds the second spot in lifetime trading volume with $25 trillion, as reported by CCData. Binance’s record of $100 trillion signifies its unchallenged leadership in the global exchange market.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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