Institutional Interest Elevates Binance’s Net Inflows to $24.2 Billion in 2024 as Bitcoin Deposits Surge
The post Institutional Interest Elevates Binance’s Net Inflows to $24.2 Billion in 2024 as Bitcoin Deposits Surge appeared on BitcoinEthereumNews.com.
Binance has emerged as a powerhouse in the cryptocurrency landscape, with a remarkable $24.2 billion net inflow attributed to institutional investors in 2024. This surge in capital marks a significant shift towards global adoption, driven by favorable regulations and the launch of spot Bitcoin exchange-traded funds across major markets. “The growth aligns with a surge in global adoption of digital assets,” Binance stated, underlining the 250 million user milestone achieved amidst this momentum. Binance attracts $24.2B in net inflows, driven by institutional interest and spot Bitcoin ETF launches, signaling a new era of crypto adoption. Binance Surpasses Competitors with Record Inflows in 2024 As of early 2024, Binance has distinguished itself from other cryptocurrency exchanges by achieving net inflows exceeding $24 billion. This remarkable figure eclipses the combined inflows of its top competitors, showcasing a dominant market position. Data from DefiLlama reveals that Binance’s net inflows are more than triple those of the second-place exchange, Bybit, which recorded $8.2 billion. Such substantial inflows can be attributed to a variety of factors, including: Regulatory victories paving the way for broader acceptance of digital currencies. The historic price milestones reached by cryptocurrencies, drawing in both retail and institutional investors. The emergence of spot Bitcoin exchange-traded funds in major markets, enhancing legitimacy and accessibility. According to Binance’s report from December 2023, these developments have not only increased inflows but also expanded Binance’s global user base to nearly 250 million users. Institutional Investment on the Rise The influx of institutional capital is particularly notable, with reports indicating a substantial hike in average deposits. For instance, the average Bitcoin (BTC) deposit has surged from just 0.36 BTC to an impressive 1.65 BTC in 2024. Additionally, Tether (USDT) deposits have skyrocketed from approximately $19,600 to $230,000. This upward trend highlights the growing confidence of institutional investors…
Filed under: News - @ December 13, 2024 5:25 am