According to a report from crypto research firm TokenInsight, the top 10 crypto exchanges in Q2 had a combined trading volume of over $8 trillion, which was a 23% drop from the previous quarter.
Binance remained the leading exchange, even though its market share fell 3% to slightly above 50%. Bybit, Bitget, MEXC, and Huobi all experienced small growths with OKX seeing the biggest increase of 1.9%. Gate, KuCoin, and Coinbase had minor declines, while Upbit dropped 2.4%.
According to TokenInsight, Binance experienced a drop in its trading volume in the first quarter of 2021, which could be related to its previous zero trading fee offer that expired in March. The exchange also faced legal challenges from the U.S. Securities and Exchange Commission, which accused it of breaking U.S. securities laws.
According to data from CoinMarketCap, the four largest crypto exchanges in terms of trading volume are Binance, OKX, Bybit, and Bitget. These platforms dominate the market with a combined share of 85%.
Spot Trading Volume
In Q2 2023, the spot trading volume of the top 10 exchanges amounted to $1.3 trillion, marking a significant 44.8% decrease compared to Q1 and a 52.5% decline from Q2 2022. Binance remained the dominant player in the spot market, but its share dropped by 9% to 55.3%. Bybit and Bitget saw the largest gains in the market.
According to the latest data, the crypto derivatives market saw a significant drop in trading volume in Q2, reaching $6.7 trillion. This was a 14.6% decrease from Q1 and a 50.7% decline from Q2 2022.
Binance remained the leading platform for crypto derivatives trading, with a 54% market share. OKX was the second-largest platform, with an 18% market share, followed by Bybit and Bitget, with 12% and 8%, respectively.
According to the data, BGB, the token issued by Bitget, was the best performer among the top 10 crypto exchange tokens in Q2, with a 22.6% increase in price. Two other exchange tokens, LEO from Bitfinex and OKB from OKX, also had positive returns of 15.4% and 7.1%, respectively. However, the rest of the exchange tokens in the top 10 saw their prices decline during the quarter.
The second quarter of 2021 did not see much change in the crypto market compared to the end of the first quarter, as the total market value stayed near $1.2 trillion and bitcoin’s price hovered around $30,000.
