In the second quarter of 2023, the total spot trading volume across the 20 leading Bitcoin exchanges fell by 36% — from $2.6 trillion to $1.66 trillion. The report from CoinMarketCap shows this.
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Over the last six months, Binance has maintained a dominant position in the market with a 59.9% share of spot trading. Meanwhile, about 85% is accounted for by the top five platforms.
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In terms of token offerings, centralized crypto exchanges (CEX) currently support a large number of trading pairs and available coins, with listings lists continually expanding. Binance continues to lead in the large-cap sector with a focus on ‘popular and high-quality’ assets.
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In the top by reserves, Binance is also at the top with $57 billion, followed by OKX and Bitfinex — $10 billion.
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Total customer funds remained roughly at the same level as in the previous reporting period. The bulk of the reserves consists of Bitcoin and various stablecoins.
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For the first half of the year, most exchange tokens achieved positive net returns. However, the bulk failed to surpass Bitcoin — up 182% since the start of the year.
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In the second quarter, total trading volume on decentralized exchanges (DEX) declined 24%, reaching $189 billion. Uniswap retains a dominant position with a market share of 57.5%.
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Traders continue to favour centralized platforms, but the DEX-to-CEX ratio has risen to around 1:8.
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Analysts say the current market situation resembles the conditions seen during the recovery after FTX collapse.
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As reported, the total trading volume on cryptocurrency exchanges for April–June 2023 fell to a low not seen since Q4 2020.
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In June 2023, Russian users led in visits to the largest trading platforms. However, overall visits to centralized crypto exchanges declined by 8%.