US Claims Less than 10% of Bitcoin Trading Volume, Falling Behind Global Market
A mere 9.49% of bitcoin trading volume occurs on registered US crypto exchanges, leaving significant transactional revenue untapped for platforms like Coinbase and Kraken.
American exchanges have steadily lost their share of Bitcoin trades since January 2023, with March being an exception. Most of the trading volume, including Bitcoin, remains concentrated on Binance, with users trading $239 billion worth of crypto on Binance’s spot markets in June.
#Crypto trading volumes in June rose for the first time in 3 months, following BlackRock & other spot $BTC ETF proposals.
📈As per our Exchange Review, spot & derivative trading on centralised exchanges rose 14% to $2.71tn.
Full Story by @CoinDesk 👇https://t.co/5OVY6fwE8c
— CCData (@CCData_io) July 5, 2023
Coinbase represents 61% of Bitcoin trading volume among US exchanges but holds a much smaller share than Binance, with only $30 billion traded. Kraken’s total spot trading volume is half that of Coinbase at $16.2 billion. Spot trading volumes on centralized exchanges, including Binance, have remained historically low.
Offshore crypto exchanges are gaining market share, but recent lawsuits against Binance, Binance.US, and Coinbase have decreased their market share. Bybit, headquartered in Dubai, experienced an increased market share in June and May. Bullish and Upbit, located outside the US, also saw growth in their business, according to CCData.
Crypto derivatives trading volume exceeds spot volume and has been the dominant trend since 2021. Binance captures the majority share of derivatives trading, followed by Kraken, which falls significantly behind. Coinbase does not rank among the top eight firms in terms of derivatives.
READ MORE: This Altcoin Surged by Over 300% Fueled by Bullish Santiment
Apart from Binance, other major derivatives players are based outside the US. In June, Seychelles-based OKX held 19.5% of the derivatives market share, followed by Bybit with 12.6%. Bitget, also registered in Seychelles, ranked fourth.
US crypto exchanges have a small share of Bitcoin trading volume compared to Binance. Offshore exchanges are gaining traction, and crypto derivatives trading volume surpasses spot volume, with Binance leading the way in both areas.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
