So far this year, Binance, the world’s largest digital asset exchange by registered users and trading volume, has seen more user inflows than the next 10 cryptocurrency exchanges combined, according to DefiLlama rankings Out nearly 40%. Binance will see $21.6 billion in inflows through 2024, while the next 10 exchanges will see $15.9 billion (36% more), according to the data platform.

Binance inflows have been supported by rising global optimism about digital assets this year, driven by significant regulatory developments, growing adoption and historic price milestones. Binance’s global user base has grown to 244 million as more and more users move their funds to the Binance exchange to participate in what could be a golden age of cryptocurrency. Another strong driver of inflows could be the success of this year’s Binance Launchpool program, reflecting growing user interest in new coins. Binance observed that these funds tended to remain on the platform.

In 2024, the crypto industry reached a historic milestone. Bitcoin ETFs have been approved in major markets including the United States, Brazil, Hong Kong and Australia, signaling wider acceptance of the digital asset. In just one year, BTC ETFs have seen net inflows surpass those of gold ETFs, a testament to the growing role of cryptocurrencies in finance and their deeper integration with more traditional institutions and systems.

The launch of Bitcoin ETF options, making it easier for institutional investors to gain exposure and hedge risks, has contributed significantly to the recent rally. With massive inflows into these ETFs, Bitcoin is expected to further integrate into mainstream financial markets.

“2024 is a landmark year for the cryptocurrency industry, and we are extremely grateful to our 244 million users, and counting, who continue to trust Binance as their trading platform of choice. Their unwavering support and confidence drives us to innovate and deliver the best experience in the digital asset world." - Richard Teng, CEO of Binance

According to digital asset data provider CCData ’s data, Binance recently recorded another milestone that further highlights Binance’s leadership in the cryptocurrency market, becoming the first centralized cryptocurrency exchange to surpass $100 trillion in lifetime trading volume.

On-chain and market data analytics provider CryptoQuant emphasized that this year “marked a major shift in the cryptocurrency industry, with exchanges reporting sharp increases in average deposits for Bitcoin and USDT, indicating increased institutional participation. Increase. Average Bitcoin deposits across all exchanges have risen from 0.36 BTC in 2023 to 1.65 BTC, while USDT deposits surged from $19,600 to $230,000. These larger deposits reflect growing interest from professional and corporate investors, separating institutional activity from retail trading. ”

Their report stated that “Binance leads the industry in institutional growth, with the largest increase in average Bitcoin deposits among major exchanges.”