Binance Leads in Bitcoin and Ethereum Outflows, Dominating the Crypto Market in 2024

Binance continues to be a dominant force in the cryptocurrency space, leading the way in Bitcoin (BTC) and Ethereum (ETH) outflows for the past year.

In December 2024 alone, the platform saw nearly 2 million transactions related to the outflow of these two major digital assets. This solidifies Binance’s status as the leading exchange for both BTC and ETH withdrawals, a position it has maintained since 2018.

Despite a shift in the U.S. market due to the rise of crypto exchange-traded funds (ETFs), Binance has held onto its market leadership. The sheer volume of its outflow transactions demonstrates its deep liquidity and robust infrastructure, further establishing the exchange as a critical gateway for crypto trading withdrawals. This milestone was achieved even after the departure of CEO Changpeng ‘CZ’ Zhao in 2023, marking a notable period of transition for the platform.

Exchanges like Binance have played an essential role in the broader development of the cryptocurrency market. Coinbase, for example, has become a key custodian for Bitcoin and Ethereum ETFs and continued to expand its offerings for retail investors with new token listings like MOG Coin and Moo Deng. Binance and its competitors have kept pace by listing more diverse assets beyond BTC and ETH, further contributing to the sector’s evolution.

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Indicator Predicts Gradual Bitcoin Growth, Challenges $1 Million by 2025 Expectations

Looking ahead to 2025, Bitcoin and Ethereum remain central to the market, with their combined market share sitting at over 68%. Industry analysts are optimistic about their future performance, with predictions of new all-time highs for both. Bitwise forecasts BTC will reach $200,000, while Ethereum could hit $7,000. As the dominant players in the crypto space, any price growth for Bitcoin and Ethereum is expected to have a ripple effect on the entire market, benefiting a wide range of altcoins.

Alexander Stefanov