Cryptocurrency exchanges experienced a notable surge in average deposits throughout 2024, fueled by increased interest from institutional investors and corporate clients.
According to data from CryptoQuant, Binance led the market with an average daily Bitcoin deposit increase of 2.77 BTC over the year, surpassing competitors such as Kraken and Coinbase, which saw smaller growth at 0.56 BTC and 0.41 BTC, respectively.
Institutional Interest Driving Growth
The average Bitcoin deposit across all exchanges rose significantly, climbing from 0.36 BTC in 2023 to 1.65 BTC in 2024. Similarly, deposits of the Tether (USDT) stablecoin grew from $19,600 to an impressive $230,000. This sharp rise reflects a growing demand for digital assets among institutional investors and market makers.
“Larger deposits, both in Bitcoin and USDT, are typically linked to institutional activity or market maker participation,” the CryptoQuant report explained.
Record Numbers for Binance
Binance set a new milestone on Nov. 3, with daily Bitcoin deposits reaching 6.85 BTC—equivalent to $465,000—marking nearly a tenfold increase compared to earlier levels. The exchange also recorded its highest daily USDT deposits since March 2022, with $303,000.
In September, Binance CEO Richard Teng shared with CNBC that the platform saw a 40% increase in corporate clients during 2024, underscoring the growing role of institutions in crypto adoption.
Summary Review: Binance has emerged as the leader among crypto exchanges in 2024, with significant growth in average Bitcoin and USDT deposits. The increase, driven by institutional investors and market makers, reflects a rising interest in digital assets. Average Bitcoin deposits across exchanges grew from 0.36 BTC in 2023 to 1.65 BTC in 2024, while USDT deposits soared to $230,000. Binance recorded new daily highs for Bitcoin and USDT deposits, with its corporate client base expanding by 40% this year.
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