Main Points :
- Binance emerges as the top cryptocurrency exchange for Bitcoin deposits in 2024.
- Daily average BTC deposits on Binance surged to 6.85 BTC in November 2024.
- Institutional and professional investor activity drives the increase in deposits.
- Average daily Bitcoin deposits across all exchanges rose from 0.36 BTC in 2023 to 1.65 BTC in 2024.
- Tether (USDT) deposits also soared, signaling increased institutional presence.
- USDT deposits on exchanges rose from $19,600 to $230,000 in 2024.
- U.S. presidential elections and Bitcoin ETFs bolster market sentiment.
- Donald Trump’s victory and proposed crypto-friendly regulations enhance investor optimism.
- BlackRock’s Bitcoin holdings grow, reflecting rising institutional adoption.
- BlackRock manages over 2.3% of global Bitcoin, with its ETF holding 500,380 BTC.
Binance Dominates Bitcoin Deposits in 2024
In 2024, Binance solidified its position as the leading cryptocurrency exchange in Bitcoin deposits, according to CryptoQuant’s analysis. The exchange recorded an average daily deposit of 6.85 BTC in November, a nearly tenfold increase from previous levels. Comparatively, Kraken and Coinbase saw modest daily deposit growth of 0.56 BTC and 0.41 BTC, respectively.
The surge in deposits is attributed to increased activity by institutional investors and market makers. The average daily Bitcoin deposit across all exchanges rose dramatically from 0.36 BTC in 2023 to 1.65 BTC in 2024, indicating a broader institutional adoption of digital assets.
Institutional Players Drive USDT Deposits
The growth in Bitcoin deposits is mirrored by a surge in Tether (USDT) deposits. Average daily USDT inflows increased significantly, climbing from $19,600 in 2023 to $230,000 in 2024. This growth underscores the growing presence of institutional participants in the cryptocurrency market, as noted by CryptoQuant analysts.
USDT, commonly used as a stable store of value, plays a critical role in facilitating large-scale transactions. Binance recorded a peak daily USDT deposit of $303,000, the highest since March 2022.
Elections and Regulatory Shifts Boost Sentiment
The 2024 U.S. presidential election contributed significantly to the positive market sentiment around cryptocurrencies. Donald Trump’s election victory was seen as a turning point, with his administration pledging to promote transparent and favorable crypto regulations. Proposed measures include the establishment of a strategic Bitcoin reserve and the replacement of the SEC’s leadership.
This political development aligns with increasing institutional participation, further catalyzed by the growing adoption of Bitcoin exchange-traded funds (ETFs). By November 2024, Bitcoin ETFs had accumulated over $30 billion in assets under management, with $6.87 billion in inflows over the past 30 days alone.
BlackRock’s Dominance in Bitcoin ETFs
Asset management giant BlackRock played a pivotal role in institutional adoption, managing over 2.3% of the global Bitcoin supply. As of December 2, 2024, its iShares Bitcoin Trust (IBIT) held 500,380 BTC, valued at approximately $48 billion at current prices.
BlackRock’s dominance highlights the growing influence of institutional investors in shaping the cryptocurrency market. This trend is expected to continue as traditional financial institutions integrate digital assets into their portfolios.
Future Outlook
The cryptocurrency landscape in 2024 is marked by the increasing dominance of institutional investors, with Binance leading in Bitcoin deposits and BlackRock setting benchmarks in Bitcoin ETFs. The U.S. presidential election and the introduction of regulatory measures have further cemented digital assets’ position as a legitimate investment class. As institutional adoption accelerates, the market is poised for sustained growth, attracting both seasoned and new investors.
