- Their share of the spot market fell to 41.9%
- This is the fourth consecutive monthly decline
The second quarter of 2023 ended last week. Kaiko analysts analyzed trading volumes and came to these conclusions.
The major crypto exchanges (Coinbase, Kraken and OKX) had trading volumes 50% lower than in Q1 2023. But Binance won the title of the biggest loser – they recorded a 70% drop.
In June, Binance’s share of the spot market fell to 41.9% (CCData data). This is the fourth consecutive monthly decline and the lowest level since August 2022.
The reason was the action of the SEC, which filed a lawsuit against the largest cryptocurrency exchange with serious allegations. The situation was exacerbated by Binance’s problems with several other regulators.
“Binance’s market share moved to other exchanges. And Bybit and OKX did best,” Kaiko concluded.
Despite this trend, Coinbase’s market share in the US jumped to 55% in June from 48.4%.. The reason was that Blackrock, Fidelity and other asset managers want to cooperate with the crypto-exchange on joint monitoring. This partnership is being implemented following the approval and launch of the bitcoin-ETF.
According to Kaiko, the cryptocurrency’s total spot trading volumes have fallen to their lowest level since 2020. Even the rise in bitcoin and the flood of applications to open bitcoin-ETFs did not fuel interest in trading.
In the meantime, bitcoin miners earned $184 million in commissions in the 2nd quarter of the year.