Binance takes over 98% of all Bitcoin spot trading volume

Binance is responsible for almost all Bitcoin (BTC) spot trading — with over 98% of transactions passing through the centralized exchange between Feb. 18-19.

Binance’s $6.8 billion dollar volume dominates others in the market — a trend that has only grown since the collapse of FTX, according to data from Coinalyze.

BTC/SPOT by exchange (Source: Coinanalyze)
Binance dominates market share with 98% of BTC/SPOT trading volume (Source: Coinanalyze)

Binance has been gathering more market share by increasing its spot trading of BTC — over 5% growth since Jan. 2023. Additionally, Binance’s market share for spot volume has been continuously growing over the past year — which now amounts to almost 100% of the market share.

Bitcoin % share in spot trading volume
Bitcoin % share in spot trading volume (source: JA_Maartun on Twitter)

Binance’s success in dominating the BTC trading market can be attributed to its no-trading-fee policy. However, this also makes the exchange vulnerable to bots that can take advantage of the system. In contrast, exchanges like Coinbase charge fees of around $5-7 for transactions, making it less susceptible to bots.

In terms of daily trading volume, Binance remains the clear leader in the entire spot trading market, pushing over $21 billion, according to CoinMarketCap. Coinbase is the only other exchange with over $1 billion in daily exchange, with a trading volume of $1.4 billion.

Bookmark (0)

Related Posts

Europe is getting its first ETP based on a Morgan Stanley index

Europe is getting its first ETP based on a Morgan Stanley index

The ETP will be based on a new MSCI index tracking 20 leading digital assets — set to launch on Germany’s Deutsche Börse XETRA in April.

Bookmark (0)
Bitcoin reclaims $28,000 despite regulatory woes from Binance lawsuit

Bitcoin reclaims $28,000 despite regulatory woes from Binance lawsuit

Bitcoin recovers recent milestone — surpassing the $28,000 mark to move above its pre-Binance lawsuit price.

Bookmark (0)
Circle’s USDC to launch on Cosmos

Circle’s USDC to launch on Cosmos

This is the first time since the collapse of Terra’s UST that Cosmos will have a native stablecoin issued on the blockchain.

Bookmark (0)
SBF charged with bribing Chinese government officials with $40M

SBF charged with bribing Chinese government officials with $40M

SBF reportedly bribed Chinese government officials with over $40 million to regain access Alameda’s trading accounts worth over $1 billion.

Bookmark (0)
Zero-knowledge proofs now live on Bitcoin

Zero-knowledge proofs now live on Bitcoin

Competition heats up as developers race to optimize and scale zero-knowledge proofs —with ZeroSync and StarkWare leading the way.

Bookmark (0)

Orderly Network secures funding from India’s CoinDCX Ventures

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *