The post Binance Takes the Lead in 2024 appeared on BitcoinEthereumNews.com.

The cryptocurrency exchange market appears to have undergone a transformative shift in 2024, driven largely by a significant uptick in institutional activity. According to insights shared by CryptoQuant on its QuickTake platform, major exchanges are witnessing unprecedented growth in Bitcoin and USDT deposits. This trend highlights the increasing confidence of institutional investors in digital assets, marking a departure from the traditionally retail-dominated trading space. The Institutional Interest Surge In Crypto Key metrics reveal that average Bitcoin deposits across exchanges have soared from 0.36 BTC in 2023 to 1.65 BTC this year. Similarly, USDT deposits have surged dramatically from $19.6k to $230k, reflecting the growing involvement of professional and corporate investors. Bitcoin exchange inflow. | Source: CryptoQunat According to CryptoQuant, these substantial inflows signify heightened interest in digital currencies and a broader institutional embrace as a viable financial instrument. The on-chain data provider platform also revealed that Binance has emerged as the front-runner in attracting institutional funds among cryptocurrency exchanges. CryptoQuant’s data highlights a 2.77 BTC increase in Binance’s average daily Bitcoin deposits, far surpassing competitors like Kraken and Coinbase, which reported increases of 0.56 BTC and 0.41 BTC, respectively. Bitcoin average inflow by the exchange. | Source: CryptoQuant This aligns with the Binance CEO’s earlier statement regarding a 40% expansion in the platform’s institutional business. In an interview with CNBC, the Binance CEO Richard Teng noted: So we on our own, we are seeing a huge uptick in terms of institutional and corporate investors. We have seen a 40% increase in onboarding in that category throughout the course of this year alone. Binance’s performance is further promoted by its activity in USDT deposits. The exchange and Bitfinex recorded substantial gains in this category, with Binance’s average daily USDT deposit climbing by $94k and Bitfinex by $566k, according to the data…

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Filed under: News - @ December 4, 2024 6:17 am