Binance inflows hit $24 billion from 250M user base in 2024.

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.

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.

Bitstamp, Bitfinex and Crypto.com have seen respective outflows of $2.75 billion, $1.77 billion and $358.1 million

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.