The combined spot and derivatives trading volume on centralized exchanges (CEXs) climbed 14.2% in June to $2.71 trillion, according to CCData’s monthly exchange report. Binance, Binance.US and Coinbase all saw their market share decline in the past month.
And a newly released report from CCData suggests that American exchanges have been giving up more and more of their share of bitcoin (BTC) trades since at least January 2023, with March being an uncharacteristically good month.
So where is all this bitcoin volume?
The data suggests that bitcoin trading volume, as well as the volume for most other tokens, remains on Binance. In June, users traded $239 billion worth of crypto on Binance’s spot markets, representing a 12.6% jump from May.
Coinbase, which CCData noted represents 61% of bitcoin trading volume among US exchanges, has a much smaller share of the total pie with just $30 billion compared to Binance’s nearly quarter of a trillion.
Crypto trading volumes rose in June for the first time in three months amid optimism following the filing of spot bitcoin exchange-traded-fund (ETF) proposals by asset manager BlackRock and other large institutions.
The combined spot and derivative trading volumes on centralized exchanges climbed 14% to $2.71 trillion, according to a report by CCData. That's the first monthly increase since March, said the report.
Binance remains by far the largest crypto platform in the world, its troubles are taking a toll. Binance’s global market share for spot trading fell to 42% in June—its fourth consecutive month of declines from its peak of 57% in February, according to data provider CCData. The exchange said the end of its zero-fee bitcoin trading contributed to the loss.
On June 15, BlackRock, the largest asset management firm in the world with around $10 trillion worth of assets under management, applied for a Bitcoin spot ETF. This move triggered other institutions like Fidelity and others to file a similar application for a spot ETF, Bitcoin ETF Rejections Timeline, Source CCData.
Grayscale's Bitcoin Trust trading volume increased to $45 million in June, maintaining its position as the industry’s most traded trust product, accounting for 74% of the volumes, according to CCData.
You may have thought the SEC’s lawsuit against Coinbase might have frightened away customers. Not quite. Numbers from CCData show Coinbase’s share of the US market has increased for four consecutive months, moving up to 57 per cent in June. How much of that is down to customers deserting rivals and the overall market shrinking in the face of the SEC’s broad crackdown is another matter. Still, it does suggest US crypto punters are unfazed by the lawsuits for now.
For a cryptocurrency to increase in value, more individuals and businesses must use and invest in that cryptocurrency. The greater the adoption and capital inflow, the more stable and valuable the cryptocurrency can become. However, as cryptocurrencies gain popularity and value, there is a tendency for users to gravitate toward centralized exchange (CEX) platforms because of their higher efficiency, reliability and more user-friendly interfaces. Change in market share for top CEXes, March-May 2023. Source: CCData
Crypto.com is a private company and publishes accounts in various countries, including Malta, which do not show revenue by business line.
Set up by four people including current chief executive Kris Marszalek and chief financial officer Rafael Melo, Crypto.com has traded $35bn in spot crypto and $21bn in crypto derivatives so far this year, according to CCData.
Tether, the world’s largest stablecoin by market cap, became untethered from the US dollar. It is supposed to be pegged 1-for-1.
Its value fell to $0.99, with the latest peg break representing a year-to-date low for the stablecoin, according to CCData.
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