Binance’s stablecoin reserves on ERC-20 have reached an all-time high of $28 billion, signaling increased confidence and activity in the cryptocurrency market.
This milestone reflects broader trends in 2024, a year marked by significant institutional participation and rising average deposit sizes across major exchanges.
Exchanges have reported sharp increases in Bitcoin and USDT deposits, indicating heightened activity from professional and corporate investors. Average Bitcoin deposits per transaction have grown from 0.36 BTC in 2023 to 1.65 BTC in 2024.
Similarly, USDT deposits have skyrocketed from $19,600 to $230,000. These substantial deposits distinguish institutional investors from retail participants, emphasizing the sector’s maturation.
Binance has emerged as a leader in this institutional growth, posting the largest increases in average Bitcoin deposits among top exchanges. Its average daily Bitcoin deposit rose by 2.77 BTC, far exceeding Kraken’s 0.56 BTC and Coinbase’s 0.41 BTC. On November 3, 2024, Binance achieved a record daily Bitcoin deposit average of 6.85 BTC ($465,000), marking a 9.6x increase in BTC and a 14x surge in dollar terms.
In terms of USDT, Binance and Bitfinex led the charge. Binance saw an average daily deposit increase of $94,000, bringing its total ERC-20 USDT reserves to $23 billion. Bitfinex experienced a $566,000 boost, heavily influenced by transfers from Tether’s Treasury, the USDT issuer.
This influx of institutional capital underscores growing confidence in the crypto industry, bolstered by clearer regulations, advanced infrastructure, and improved risk management practices. As institutions continue to deepen their involvement, cryptocurrency is solidifying its role as a mainstream financial asset class, with Binance at the forefront of this transformation.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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