MEXCBinance Leads Bitcoin and Ethereum Outflows in 2024: CryptoQuant
Highlights
- Binance Exchange led other exchanges in Bitcoin and Ethereum outflow transactions last year
- The trading platform hit a record milestone with 2 million BTC and ETH transactions in December 2024
- Crypto exchanges are fueling demand amid optimistic forecast from asset managers
Binance Exchange is in the spotlight as the trading platform that dominated Bitcoin (BTC) and Ethereum (ETH) outflows in the past year. According to CryptoQuant analyst Crazzyblockk, the trading platform set a new benchmark for exchange activity.
The Binance Bitcoin and Ethereum Outflow Dominance
According to Crazzyblockk, crypto exchange Binance processed nearly 2 million Bitcoin and Ethereum outflow transactions in December 2024. Since 2018, the exchange has consistently led the market per Bitcoin and Ethereum outflow transaction counts.
Binance Dominates Bitcoin and Ethereum Outflows in 2024
“In the last month of 2024, Binance processed nearly 2 million BTC and ETH outflow transactions, setting a new benchmark for exchange activity.” – By @Crazzyblockk
More details 👇https://t.co/2O2s440FYz pic.twitter.com/zYG0BasQcg
— CryptoQuant.com (@cryptoquant_com) January 9, 2025
Despite the shift in the U.S. market per the emergence of crypto-based exchange-traded funds, CryptoQuant noted that Binance maintained its dominance. The trading firm led its rivals to process the highest monthly BTC and ETH outflow trades.
The analyst pointed out that the December 2 million outflow transaction count shows Binance’s deep liquidity. The record presents the exchange with robust infrastructure and a defined role as a core gateway for crypto trading withdrawals.
Binance achieved this milestone despite the impact of the departure of Changpeng ‘CZ’ Zhao as the CEO in 2023
Exchanges Supporting Crypto Market
While Binance ranked as the biggest per Bitcoin and Ethereum outflow processing, exchanges generally played a vital role in the crypto market’s evolution last year.
Coinbase exchange, for instance, played a vital role as a major custodian for Bitcoin and Ethereum ETF issuers. Beyond its role in the institutional market, Coinbase also played a key role in offering retail products through new token listings. Coingape reported recently that Coinbase listed MOG Coin, Moo Deng, and other retail-focused tokens.
Rivals like Binance have also stepped up their listing game to match support for other evolving assets beyond BTC and ETH.
Market Predictions For 2025 – Bitcoin and Ethereum In Focus
Bitcoin and Ethereum influence the market with a combined dominance of at least 68.8%. While CryptoQuant did not predict what outflow trends might accompany the assets this year, industry leaders gave some forecasts about both coins and their ecosystems.
Bitwise, for instance, predicted that Bitcoin and Ethereum prices would hit a new all-time high (ATH) this year. Specifically, Bitwise said BTC would hit $200,000 and Ethereum would hit $7,000 this year.
Meanwhile, BTC has recorded multiple ATHs this bull cycle fueled by demand from Binance and other platforms. However, Ethereum has yet to break a similar record. Other asset managers like Galaxy Digital also issued optimistic forecasts for BTC and ETH this year.
Ultimately, the belief is that due to their dominance and correlation with altcoins, a growth in their price might create a ripple effect for other digital assets.
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