Bitcoin News: Binance Leads Crypto Exchanges With Record Deposits

Bitcoin deposits in exchanges have been increasing. Binance exchange has recently taken the lead, while there has been an increased adoption of BTC by institutions. Bitcoin deposits across all exchanges have grown in total average daily, going from 0.36 BTC in 2023 to 1.65 BTC in 2024.

This growth in institutional interest demonstrates the confidence in the cryptocurrency market due to the actions of the regulators and the development of infrastructure.

The higher volume deposits can be associated with institutions and market makers. This is evidence that Binance is attracting the right investors.

– Advertisement –

Binance Outpaces Competitors in Institutional Growth

Institutional growth at Binance coin has been faster than at other large exchange platforms this year. The average daily amount of Bitcoin deposits on the exchange increased by 2.77 BTC, while Kraken’s increase was only 0.56 BTC and Coinbase’s 0.41 BTC. This significant increase strengthens the position of Binance as the main market player in attracting institutional clients.

This increase also comes with the rise of USDT deposits at Binance as a trading pair. The exchange’s total daily USDT deposit has increased to $303,000 from $19,600 in the previous year. This increase is also indicative of a change in the kind of investors participating in the crypto market, as large USDT deposits are typically made by institutional investors.

This increase in the institutional interaction with Binance coincides with the overall growth of the cryptocurrency market.

– Advertisement –

It has also been observed that institutional investors are trading more because of the introduction of Bitcoin and Ethereum ETFs in the United States. These developments lead to more institutional inflows into the space and Binance is leading this charge.

Binance’s Record Bitcoin and USDT Reserves

On November 3, Binance hit a new high where the average daily Bitcoin deposit was 6.85 BTC, which is roughly equivalent to $465,000. This is almost tenfold that of previous years, demonstrating how much Binance is growing.

Still on growth, Binance has also experienced an increase in the USDT reserves with deposits recorded at $303,000 daily. This is the most significant level of USDT deposits since March 2022, indicating that more users are embracing stablecoins.

High volumes of USDT deposits often come from institutional investors.

Binance is also growing its institutional business because more corporate investors are getting involved in the market. Richard Teng, the CEO of Binance, mentioned that the number of institutional clients using the exchange has increased by 40% in 2024.

This growth is consistent with broader trends in the cryptocurrency market, where institutional participation has significantly increased.

Institutional Demand Drives Crypto Growth

The BTC and USDT across trading exchanges are still increasing, which suggests that there’s increasing institutional demand for cryptocurrency. This growth can be evidenced by institutional investors who are directing significant amounts of Bitcoin and USDT to Binance.

The growing adoption of spot ETFs and expectations of favorable regulatory policies have contributed to the rise in institutional investments.

As institutional interest continues to rise, exchanges like Binance are well-positioned to capture this influx of capital. The market’s focus has shifted from retail to professional investors, who are now making larger deposits on exchanges.

This shift is helping to establish cryptocurrencies as a mature financial asset class with significant institutional backing.

This year Binance has cemented its leadership position among crypto exchanges. By posting record deposit figures and attracting institutional clients, the exchange is showing the growing influence of corporate investors on the crypto market.