Cryptocurrency exchange Binance has reported an impressive $24 billion in user deposit inflows since the beginning of this year, a figure that surpasses the combined inflows of ten other exchanges, according to analytics firm DefiLlama. This remarkable growth is largely attributed to a significant increase in the global acceptance of digital assets, fueled by favorable regulatory developments, impressive price achievements, and the recent launch of spot Bitcoin exchange-traded funds in major markets like the United States and Hong Kong.
Binance has noted a surge in its user base, which has now grown to nearly 250 million, driven by these industry milestones and enhanced user trust. Bybit and OKX rank as the second and third highest exchanges in terms of inflows, with deposits of $8.2 billion and $5.3 billion respectively. Other exchanges, such as BitMEX, Robinhood, and HTX, have also experienced substantial deposit inflows, recorded at $3.45 billion, $3.165 billion, and $2.12 billion, respectively. In contrast, Bitstamp, Bitfinex, and Crypto.com have seen outflows of $2.75 billion, $1.77 billion, and $358.1 million.
Furthermore, the trend indicates a growing interest from institutional investors, with average Bitcoin deposits rising significantly from 0.36 BTC to 1.65 BTC this year. Similarly, Tether deposits have increased dramatically from $19,600 to $230,000. These numbers underscore the shift towards greater institutional involvement in the cryptocurrency space.
Despite predictions of a shift towards decentralized exchanges following the FTX collapse in late 2022, centralized exchanges continue to lead the market. In the last 24 hours, centralized exchanges recorded $276 billion in trading volume, while decentralized exchanges reported only $28.5 billion. Binance has established itself as a leader in this sector, reaching an unprecedented milestone of over $100 trillion in trading volume, significantly outpacing its closest competitor, OKX, which has recorded $25 trillion.
