Crypto Exchanges Witness Historic Institutional Surge: Binance Takes the Lead in 2024

2024-12-4 09:00

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.

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.

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 shared by CryptoQuant.

Notably, Binance’s total USDT reserves have reached an all-time high of $23 billion (ERC-20), underscoring its dominance in institutional liquidity. On November 3, 2024, Binance set a record with a daily average Bitcoin deposit of 6.85 BTC (approximately $465,000), marking a 14-fold growth in dollar terms from previous levels.

More Room For Institutional Surge?

Despite this significant increase in institutional interest in the overall crypto market, it might just be the beginning especially given that not even up to 50% of traditional major firms have ventured into the cryptocurrency market.

Highlighting this, Binance CEO Teng said to CNBC:

Allocation into crypto by institutions is just at the tip of the iceberg. It’s just beginning, because a lot of them are still doing their due diligence.

It is worth noting that the implication of the continuous surge of institutional interest in digital currency is very positive. Continuing this trend means more inflow and liquidity into the market, which could boost the prices of cryptocurrencies, given that several significant purchases would be made.

Featured image created with DALL-E, Chart from TradingView

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Insights Network (INSTAR) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -0.46 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 196.754m INSTAR / 300m INSTAR

2024 institutional exchanges quicktake cryptoquant according insights

2024 institutional → Результатов: 75


Фото:

Lightchain AI Redefines Blockchain for the Future As Doge Drives Meme Coin Recovery and BTC Sets Sight on $99K

As the crypto market enters the final month of 2024, Dogecoin is once again in the spotlight, leading a recovery in meme coins with its loyal community and renewed interest. At the same time, Bitcoin is edging closer to its $99,000 target, fueled by optimistic projections and increased institutional activity. However, amidst the noise of […]

2024-12-2 11:41


Dogecoin Positioned to reach $1 as Trump Returns to White House, But This Cheap $0.07 will reach there Before DOGE

As we enter the last months of 2024, the bitcoin market is seeing an interesting boom; various altcoins draw major interest from institutional as well as retail investors. Two tokens positioned for perhaps astronomical gains among the frontrunners in this rally are Rexas Finance (RXS) and Dogecoin (DOGE).

2024-11-13 17:22


Ripple’s Q3 2024 XRP Markets Report Shows Major Gains Amid Key Partnerships And Growing Institutional Interest

Ripple’s Q3 2024 XRP Markets Report is out, highlighting pivotal developments and promising metrics for the XRP ecosystem. This quarter has been eventful, marked by significant advancements in the market, including partnerships and strategic milestones that signal a strong outlook for XRP. The Q3 ‘24 XRP Markets Report is now […]

2024-11-4 06:14


Сооснователь Sonic назвал L2-аппчейны «нелогичными» для разработчиков

Соучредитель и архитектор Sonic (ранее Fantom) Андре Кронье предостерег разработчиков от использования аппчейнов — кастомизированных под конкретное dapp сетей второго уровня. Why L2s as appchains are not logical for builders:- Barely any infra when deploying (stable coins, oracles, institutional custody, etc)- No foundation/labs to help support- Centralised and open to attack- Fragmenting liquidity and forcing it onto bridges- No community of…- Andre Cronje (@AndreCronjeTech) October 13, 2024 Основатель DeFi-проекта yEarn Finance заявил о «нелогичности» подобных протоколов и перечислил проблемы, из-за которых их стоит избегать.

2024-10-14 18:18


Singaporean Bank Leads Asia With First Of Its Kind Crypto Options

By being the first Asian bank providing over-the-counter (OTC) crypto options and structured notes, Singapore’s DBS Bank is creating waves in the financial industry. Originally scheduled for Q4 2024, these products will mostly target institutional investors and accredited wealth clients, giving them more investment options connected to significant cryptocurrencies like Bitcoin and Ethereum. Related Reading: […]

2024-9-18 06:30


Copper & Sui partner to build out full institutional accessibility

London, UK, June 26th, 2024, Chainwire The integration with Sui includes custody support for L1 and L2, built-in staking support, and DeFi connectivity. Copper, a leader in digital asset custody, collateral management, and prime services, is excited to announce its latest integration with Sui, a high-performance Layer 1 blockchain and smart contract platform.

2024-6-26 16:03


Торговые объемы OKX, Binance и Bybit утроились в этом году

Биржа Bybit выпустила Институциональный отчет за 2024 год (’Bybit Institutional Report 2024‘), в котором сказано, что объемы торгов на глобальных централизованных криптовалютных биржах (CEX) значительно выросли с конца прошлого года.

2024-4-19 16:27


Top Crypto Coins 2024: AVAX Investors Turns from MATIC Liquid Staking to BlockDAG Presale for Potential 10,000 ROI

During a market downturn, Avalanche investors are turning their focus towards promising ventures like Borroe Finance, seeking resilient alternatives with substantial ROI potential like BlockDAG. Concurrently, the launch of a Polygon liquid staking fund by Laser Digital is attracting institutional investors, offering an innovative path to accessing MATIC rewards with […]

2024-3-31 01:00