Over the past 12 months in 2024, Binance outperformed all other centralized crypto exchanges in terms of BTC and ETH outflows. That is according to the latest data released by CryptoQuant today.
Binance tops in BTC and ETH outflows
Data shared by CryptoQuant showed that since 2018, Binance has continued to constantly lead the digital asset market in Bitcoin and Ethereum outflow transactions.
In 2024, no other centralized exchange challenged Binance’s dominance. Last year, Binance registered the highest annual Bitcoin and Ethereum outflow transactions.
Most significantly, in December 2024, Binance handled almost 2 million BTC and ETH outflow transactions, creating a new milestone for exchange activity. This reflects the exchange’s leading role in the market and the enormous demand for BTC and ETH-focused activities. It also mirrors its unparalleled liquidity, strong infrastructure, and its crucial role as the dominant avenue for cryptocurrency trading and withdrawals.
With this impressive performance, the exchange strengthens its status as a market leader, showcasing the role and trust it owns in the cryptocurrency ecosystem.
The massive outflows from the exchange reflect the platform’s continued influence on the crypto markets, particularly in balancing demand and supply for BTC and ETH.
Huge withdrawals are normally interpreted as bullish indicators, indicating accumulation by investors for long-term holding or other trading purposes. Especially Binance’s extraordinary user base of 250 million worldwide plays a critical role in such outflows. This massive customer base reinforces Binance’s position as the top exchange for both institutional and retail users.
This data shows Binance’s impact on defining market dynamics and BTC and ETH ecosystems while maintaining its leading role in facilitating asset management and trading on an international scale.
How outflows pave the way for explosive profits
Constant innovations and new surprises always make the crypto landscape an exciting place to be. Prices are surging, enthusiasm is growing, and something more important is happening. Centralized exchanges are seeing massive outflows of assets.
2024 saw the largest crypto outflows in history. This is not the first time such a phenomenon happened. In the past, the market experienced the same trend. In 2018 and 2021, magnitude outflows occurred before the market witnessed explosive bull runs. The market is behaving in the same manner it did before huge price increases emerged.
Crypto outflows are typically important. They signify a decrease in coin supply in exchanges, and with increased demand, crypto prices have to rise.
They also imply that investors, particularly whales, are pulling crypto assets off exchanges and holding them in their private cold wallets. They hold hoping that prices will rise in the future, positioning themselves for the next big thing. This behavior signifies confidence in the market and it is an indicator that bullish times are underway.
