Binance Reports Record Institutional Bitcoin and USDT Deposits in 2024
The current inflow trend on Binance indicates that institutional investors are increasingly participating in the crypto market, moving beyond retail traders. Crypto exchanges report significant growth in Bitcoin (BTC) and Tether’s USDT deposits.
A CryptoQuant analysis reveals that professional and corporate participation has surged this year, with the average Bitcoin deposit rising from 0.36 BTC in 2023 to 1.65 BTC. USDT deposits increased from $19,600 to $230,000, indicating a shift towards larger transactions.
Binance: The Institutional Powerhouse
Binance leads in capturing institutional deposits, with an average daily Bitcoin deposit of 2.77 BTC, outpacing competitors like Kraken and Coinbase Global Inc (NASDAQ: COIN), which saw increases of 0.56 BTC and 0.41 BTC, respectively.
On November 3, Binance achieved record-breaking averages with Bitcoin deposits reaching 6.85 BTC, valued at $465,000, and USDT daily deposits peaking at $303,000, the highest since 2022.
These achievements highlight Binance's effectiveness in attracting corporate capital, reinforcing its position as the institutional leader in crypto. Its strategy of regular crypto listings has contributed to record trading volumes and institutional inflows, keeping the platform aligned with market trends.
The Trump Effect: Political Shifts Drive Institutional Optimism
Donald Trump’s potential reelection has generated optimism among institutional investors in the crypto space, particularly due to his campaign promises for favorable crypto regulations.
His proposal for a U.S. Bitcoin reserve aligns with the sector's interest in government-backed digital assets, fostering hopes for a supportive regulatory environment. Trump's commitment to reform the SEC leadership may enhance confidence and growth in the crypto market.
Additionally, Spot Bitcoin Exchange-Traded Funds (ETFs) have created new opportunities for institutional investors, bridging traditional finance and crypto through regulated platforms.
BlackRock, a leading asset manager, now oversees over $48 billion in Bitcoin assets, representing 2.3% of the global BTC supply. The growing adoption of ETFs signals increasing acceptance of digital assets within mainstream finance.
This evolution positions digital assets as essential components of institutional portfolios and suggests that 2024 may mark the integration of crypto with Wall Street investors.