Binance Attracts $24 Billion in Inflows from 250 Million Users in 2024
Date: 2024-12-13 Author: Oliver Abernathy Categories: BUSINESS
According to data from DefiLlama, Binance’s inflows have surpassed the combined results of 10 other exchanges. In a blog post, the company attributed the growth to key factors such as regulatory successes, reaching historic price levels, and the launch of Bitcoin exchange-traded funds (ETFs) in major countries. These events have pushed Binance’s user base to a record 250 million worldwide.
Bybit came in second in terms of inflows with $8.2 billion, followed by OKX with $5.3 billion. DefiLlama’s rankings do not include platforms such as Coinbase and Gemini, as they have not provided wallet transparency with proof of reserves.
Other major exchanges including BitMEX, Robinhood, and HTX saw inflows of $3.45 billion, $3.17 billion, and $2.12 billion, respectively. Meanwhile, Bitstamp, Bitfinex, and Crypto.com saw outflows of $2.75 billion, $1.77 billion, and $358.1 million, respectively.
DefiLlama explained that platforms like Coinbase are not tracked due to a lack of “wallet transparency” coupled with evidence of reserves. Despite publicly reporting assets, companies do not provide granular data on the cryptocurrency they hold, which also impacts the accounting of projects like cbBTC.
Binance also stands out from other exchanges by attracting institutional capital. On average, Bitcoin deposits grew from 0.36 BTC to 1.65 BTC in 2024, while USDt deposits increased from $19,600 to $230,000, according to a CryptoQuant report on December 3.
Additionally, Binance became the first centralized exchange to surpass $100 trillion in trading volume, according to CCData. In comparison, OKX is second with $25 trillion in trading volume.
Despite predictions of users migrating to decentralized exchanges (DEXs) after the FTX crash in 2022, centralized exchanges (CEXs) continue to dominate. Over the past 24 hours, 218 CEXs recorded $276 billion in trading volume, while DEXs only reached $28.5 billion, according to CoinGecko.
Binance remains a leading player in the market, proving its ability to adapt to challenges and attract both individual and institutional investors.
