Crypto exchange report shows downward slide for first half of year

The landscape of crypto exchanges was anything but calm, as revealed by TokenInsight’s Q2 2023 Crypto Exchange Report. 

While Bitcoin, the leading cryptocurrency, kept its cool around the $30,000 mark, the world of crypto exchanges was buzzing like a beehive. 

Big four exchanges still dominate

The Q2 2023 Crypto Exchange Report from TokenInsight gives a peek into this hive. The top 10 exchanges saw a trading volume of $8.3 trillion in Q2, which is a 23% slide down the hill from the previous quarter. 

Despite this downhill ride, the big four – Binance, OKX, Bybit, and Bitget – held their ground, accounting for a hefty 85% of the total market. Even with a 3% dip in market share, Binance still holds sway with over 50% of the total trading volume. 

Binance still commands the market

The report also highlighted shifts in market share. Binance saw a slight decrease in its dominance, but it still held a commanding lead with over half the market share. Meanwhile, exchanges like OKX, Bybit, Bitget, MEXC, and Huobi saw their market shares rise. On the flip side, Upbit and Coinbase saw a slight dip. 

Spot trading

In the area of spot trading, the top 10 exchanges had a volume of $1.3 trillion in Q2, which resulted in a 45% decrease from Q1. Binance continued its dominance of the spot market, with a 55.33% market share. Bitget and Bybit made significant strides, increasing their market shares, while Upbit took a hit due to regulatory changes in South Korea. 

Derivatives

The derivatives market held up a bit better, with a 14.6% decrease from Q1 and a 50.7% decrease from Q2 2022. Binance kept hold of a large part of the derivatives niche with a 54% market share, followed by OKX with 18%. 

Exchange tokens

Lastly, the report gave some insights into the performance of exchange tokens. Bitget’s $BGB led the way with a 22.6% price increase in Q2. Bitfinex’s $LEO wasn’t far behind, with a 15.4% increase. $OKB of OKX also had a good run, with a 7.1% increase.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.