Cryptocurrency exchange Binance has racked up over $24 billion in inflows from user deposits so far in 2024, according to data from DefiLlama.
In a blog post, Binance said that its inflows surpassed those of 10 other exchanges combined, attributing this growth to a global surge in the adoption of digital assets. The company cited factors such as regulatory successes, historic price milestones and the launch of spot Bitcoin exchange-traded funds in major markets as key drivers.
“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, however, does not include data for platforms like Coinbase and Gemini.
BitMEX, Robinhood and HTX have seen the next largest net inflows among crypto exchanges, with proof-of-reserves showing they stand at $3.45 billion, $3.17 billion and $2.12 billion, respectively, DefiLlama data shows.
Meanwhile, Bitstamp, Bitfinex and Crypto.com have seen respective outflows of $2.75 billion, $1.77 billion and $358.1 million.
10 largest crypto exchanges by net inflows so far in 2024. Source: DefiLlama
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 USDt (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.
Largest centralized crypto exchanges by lifetime trading volume. Source: CCData
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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