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Binance Leads Bitcoin and Ethereum Outflows in 2024
Published
2 months agoon
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admin
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
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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.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Solana Cofounder Advocates For Decisive Governance As SIMD-228 Proposal Fails
Published
49 minutes agoon
March 16, 2025By
admin
Following the failed bid of a proposal to change network tokenomics, Solana cofounder Anatoly Yakovenko has reiterated the need for decisive governance. Yakovenko argues that failing fast will do more for Solana than a slew of proposal approvals.
Solana Governance Has To Prioritize Speed And Incisiveness
Solana co-founder Anatoly Yakovenko has moved on from the community’s rejection of the Solana Improvement Document (SIMD)-0228. Yakovenko noted that despite the failed proposal, the speed of governance proceedings for Solana left an impressive mark.
The SIMD-0228 sought to change Solana’s tokenomics by introducing a dynamic inflation model, moving away from the network’s fixed inflation schedule. While the proposal split the network over centralization fears and disadvantages to smaller validators, Yakovenko highlighted the silver lining in its rejection.
Learning from the proposal, the Solana cofounder disclosed that the network’s governance must be “fast and decisive.” For Yakovenko, the quick resolution of the proposal frees up resources for the network to explore a better approach.
“How fast the ecosystem iterates is a thousand times more important than making sure that every proposal passes,” said Yakovenko.
Over 74% of validators participated in the vote with Yakovenko declaring support for the proposal. Big ecosystem players including VanEck supported the proposal amid speculation that Solana price will spike following the approval.
Bulls Eye Upward Movement For SOL Price
Despite the rejection of the proposal, bulls are still clinging to hope that SOL can go on a parabolic rally. The network has faced significant downward pressure in recent weeks, complicated by Alameda’s SOL unstaking. A steep drop in Solana DEX volume darkens the cloud for the future of the asset’s price.
However, analysts are keeping their eyes on the potential repeat of a 2021 pattern that can send SOL price to $4,000. There is speculation that Solana is on course to surpass Ethereum’s market capitalization.
Optimist are hinging their prediction on on-chain metrics and the soaring number of projects building on the network. In the short term, traders have their eyes on SOL to $200 before the end of March despite a looming death cross.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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21shares
21Shares To Liquidate Bitcoin and Ethereum Futures ETFs, Here’s All
Published
5 hours agoon
March 15, 2025By
admin
21Shares has announced that it is bringing down the curtain on its Bitcoin and Ethereum futures exchange-traded funds (ETFs). The issuer is eyeing March 28 as a tentative date for the liquidation of both ETFs amid a wave of new filings in the US.
21Shares Set To Liquidate Bitcoin and Ethereum ETFs
According to an announcement, crypto ETF issuer 21Shares has disclosed plans to ditch its Bitcoin and Ethereum futures ETFs. Per the announcement, the affected ETFs are the ARK 21Shares Active Bitcoin Ethereum Strategy ETF and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF.
While the press release did not give clear reasons for the liquidations, it hinged its decision on a periodic review of its offerings. The statement cited a need to align existing product lineups with market dynamics and clients’ needs in a changing landscape.
However, pundits say the liquidations are a result of jarring ETF outflows in recent months.
Shareholders can sell their holdings up until March 27, a date touted as the last trading day for both ETFs. 21Shares plans to put the final nail in the coffin for both ETFs on March 28, liquidating all remaining assets.
“Shareholders who continue to hold shares of a Fund on the Fund’s Liquidation Date will receive a liquidating distribution with a value equal to their proportionate ownership interest in the Fund,” read the press release.
Increased ETF Activity In The Cryptoverse
Despite the wave of outflows, the ETF space is sizzling with frenetic activity. Buoyed by impressive returns, 21Shares slashed fees to 0.49% for its Bitcoin Ethereum Core ETPs.
Bitwise has rolled out its OWNB ETF to track companies holding Bitcoin on their balance sheets. Bitcoin ETF investors continue to put their faith in offerings in the face of price amid Rex Shares launching the first Bitcoin Corporate Bond Convertible ETF
Outside of Bitcoin, several issuers have filed for XRP, HBAR, DOGE, and AVAX ETFs with the US SEC. For Ethereum investors, CBOE has applied to the SEC to approve staking in Fidelity’s ETH ETF.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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BTC Regains $84K; ETH, XRP, SOL Pump
Published
21 hours agoon
March 15, 2025By
admin
The crypto market today (March 15) showcased notable rising trajectories, igniting investor optimism globally. Bitcoin (BTC) price regained a break above $84K intraday, while Ethereum (ETH), Solana (SOL), and XRP prices also pumped considerably. Simultaneously, meme coins witnessed remarkable intraday gains, in sync with today’s broader market trend. Besides, Kaspa (KAS) emerged as the day’s top gainer, leading the market’s price gains.
Crypto Market Today: BTC, ETH, XRP, SOL Prices Pump Sparking Optimism
The global crypto market cap gained nearly 3% in the past 24 hours, reaching $2.75 trillion. Further, liquidations across the sector was down 23% from yesterday, at $160.75 million (Coinglass data). As a result, crypto prices have prevented a downturn, embarking on a rising action as of early Asian hours on Saturday.
BTC Price Taps $85K Sparking Crypto Market Recovery Hope
As of press time, BTC price witnessed gains worth 3% intraday and exchanged hands at $84,433. The flagship coin’s bottom and peak over the day were recorded as $81,771.76 and $85,263.29, respectively. Bitcoin’s market dominance was up by 0.11% over the past day, reaching 60.88%. Overall, the flagship coin appears to be outperforming altcoins this Saturday, recovering after dealing with massive macro heat.
ETH Price Jumps 2%
ETH price gained nearly 2% in the past 24 hours and exchanged hands at $1,919. The coin bottomed and peaked at $1,883.69 and $1,945.09 intraday. Ethereum’s market dominance rested at 8.4% this Saturday, signaling an undermining performance in the alts sector. The second-largest crypto’s trading volume was also down by 35% to $11.58 billion today.
XRP Price Soars
XRP price witnessed a 6% uptick in the past 24 hours and exchanged hands at $2.43. The coin’s intraday low and peak were $2.28 and $2.44, respectively. Ripple’s native coin enjoys a bullish action amid soaring odds of an XRP ETF approval shortly ahead. On the other hand, CoinGape reported that Ripple minted 6.5 million RLUSD, adding a layer of intrigue to the coin’s price movements.
SOL Price Shoots Up 8%
SOL price witnessed a remarkable 8% increase intraday and closed in at $135. The coin hit a low and a high of $124.48 and $135.64 in the past 24 hours. Solana’s trading volume was also up by 15% to $3.17 billion. The coin sees price gains in sync with the broader trend.
Meme Crypto Market Today
Simultaneously, meme coins also witnessed considerable gains this Saturday, further solidifying investor optimism. Dogecoin (DOGE) price gained nearly 2% intraday and exchanged hands at $0.1729. Shiba Inu (SHIB) price soared over 3% intraday to reach $0.00001276. Even Pepe Coin (PEPE) price gushed over 3%, resting at $0.000007133.
Top Crypto Market Gainers Today
Kaspa (KAS)
Price: $0.08113
24-Hour Gains: +14%
Hyperliquid (HYPE)
Price: $14.23
24-Hour Gains: +11%
OKB (OKB)
Price: $46.25
24-Hour Gains: +10%
Top Crypto Market Losers Today
Pi (PI)
Price: $1.47
24-Hour Loss: -10%
Celestia (TIA)
Price: $3.51
24-Hour Loss: -3%
TRON (TRX)
Price: $0.2229
24-Hour Loss: -1%
Overall, traders and investors currently reflect an optimistic sentiment amid prices recovering from previous slumps. On the other hand, VanEck filed for an Avalanche ETF recently, adding to recent pro-crypto advancements across the globe.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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