Binance Market Share Continues to Decline for Seventh Consecutive Month
In a recent report published on Thursday (05), research firm CCData revealed that Binance’s market share has decreased for the seventh consecutive month. According to the study, the spot trading volumes on Binance dropped by 36.8% in September, reaching $115 billion. This represents the lowest monthly spot trading volumes for the exchange since October 2020.
The CCData report also highlighted that this decrease marked the third consecutive decline in volumes since June 2023. As a result, Binance’s market share among spot trading exchanges currently stands at 34.3%, its lowest percentage since June 2022.
Losses Amplified by Suspension of Fee-Free Trading Promotion
The decline in volumes was exacerbated by the suspension of the fee-free trading promotion for BTC-TUSD pairs last month. Additionally, Binance’s derivatives trading volumes decreased by 20.8%, totaling $686 billion. This marks the lowest monthly derivatives trading volumes for the exchange since December 2020.
Despite the decline, Binance remains the largest platform for derivatives trading, with a market share of 51.5%, although this is a decrease of 13.9% from its annual peak of 65.4% in February. However, other exchanges such as OKX, Bybit, and Bitget have capitalized on Binance’s decline, increasing their market shares to 19.6%, 13.6%, and 9.43%, respectively.
According to CCData, “Binance continues to dominate the derivatives market with a 51.5% market share. However, its dominance has dropped to its lowest level since March 2022.”
Shifting Market Shares
In the month of September, while Binance lost market share, Upbit, MEXC Global, Bybit, Crypto.com, and Bullish gained market share. Gate.io, Bithum Korea, BeQuant, and Huobi Global, on the other hand, saw their market shares decline.
This data is visualized in the graph below.
It is clear that Binance’s market dominance is facing significant challenges, allowing other exchanges to gain traction in the crypto trading industry. The coming months will be crucial in determining whether Binance can reverse this trend and regain its lost market share.
Sources:
– CCData report: https://www.criptofacil.com/participacao-de-mercado-da-binance-cai-pelo-7o-mes-seguido/
– Graph: https://www.criptofacil.com/participacao-de-mercado-da-binance-cai-pelo-7o-mes-seguido/
– Image: https://www.criptofacil.com/participacao-de-mercado-da-binance-cai-pelo-7o-mes-seguido/