{"id":17991,"date":"2024-10-22T18:59:00","date_gmt":"2024-10-22T15:59:00","guid":{"rendered":"https:\/\/forklog.com\/en\/analysts-assess-binances-market-share-decline-over-the-past-year\/"},"modified":"2024-10-22T18:59:00","modified_gmt":"2024-10-22T15:59:00","slug":"analysts-assess-binances-market-share-decline-over-the-past-year","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/analysts-assess-binances-market-share-decline-over-the-past-year\/","title":{"rendered":"Analysts Assess Binance&#8217;s Market Share Decline Over the Past Year"},"content":{"rendered":"<p>Over the past year up to October 9, Binance accounted for $22.5 trillion out of $54 trillion in trading volume across spot and derivatives markets on 22 platforms, according to data from 0xScope.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Read the full report here: <a href=\"https:\/\/t.co\/0PsYzBujP3\">https:\/\/t.co\/0PsYzBujP3<\/a> <a href=\"https:\/\/t.co\/wJNz17rwqr\">pic.twitter.com\/wJNz17rwqr<\/a><\/p>\n<p>\u2014 0xScope (@ScopeProtocol) <a href=\"https:\/\/twitter.com\/ScopeProtocol\/status\/1848318344073757149?ref_src=twsrc%5Etfw\">October 21, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Analysts noted increased competition among <span data-descr=\"centralized platforms\" class=\"old_tooltip\">CEX<\/span>, which has weakened the position of the largest cryptocurrency exchange, Binance.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Market Share<\/strong><\/h2>\n<p>Three trading platforms have become the main beneficiaries of Binance&#8217;s declining share:<\/p>\n<ol class=\"wp-block-list\">\n<li>OKX \u2014 from 13.4% to 16.1%.<\/li>\n<li>Bybit \u2014 from 9.6% to 12.5%<\/li>\n<li>Bitget\u2014 from 7.0% to 10.28%.<\/li>\n<\/ol>\n<p>MEXC Global remained in fifth place, despite a decrease in market share from 6.9% to 4.1% over the year.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1270.webp\" alt=\"1-1270\" class=\"wp-image-243702\"\/><figcaption class=\"wp-element-caption\">CEX market share. Data: 0xScope.<\/figcaption><\/figure>\n<p>In terms of annual dynamics, experts made the following conclusions:<\/p>\n<ul class=\"wp-block-list\">\n<li>1. At the end of 2023, Binance&#8217;s share was 45%, but after the new year, it fell to 34%. The exchange only managed to recover losses after the summer.<\/li>\n<li>2. Bitget began the period with a jump from ~6-9% to 10-14% for most of 2024, but later reduced its share to 9% amid Binance&#8217;s recovery. A similar trend was observed with the stability of OKX and Bybit metrics.<\/li>\n<li>3. In January 2024, Crypto.com concentrated 7-8% of the turnover, but by the end of the period, it retained only 1-2%.<\/li>\n<\/ul>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-922.webp\" alt=\"2-922\" class=\"wp-image-243703\"\/><figcaption class=\"wp-element-caption\">Dynamics of total turnover on CEX. Data: 0xScope.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Spot and Derivatives Trading<\/strong><\/h2>\n<p>The turnover on the spot market of the platforms in the sample for the period amounted to $14.6 trillion.<\/p>\n<p>The leader&#8217;s share decreased to 39.54% from 52.5% a year earlier.<\/p>\n<p>The rest showed the following dynamics:<\/p>\n<ul class=\"wp-block-list\">\n<li>Bybit rose from seventh place (3.2%) to second (8.51%);<\/li>\n<li>OKX strengthened its position in third place (from 5.4% to 6.38%);<\/li>\n<li>Upbit fell from second to fourth (from 6.8% to 5.77%);<\/li>\n<li>Coinbase moved from third to fifth place (from 5.8% to 5.68%).<\/li>\n<\/ul>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/3-519.webp\" alt=\"3-519\" class=\"wp-image-243704\"\/><figcaption class=\"wp-element-caption\">CEX market share. Data: 0xScope.<\/figcaption><\/figure>\n<p>The following chart shows that Binance is recovering its early-year losses, while Bybit is reducing turnover. At the end of 2023, Crypto.com surged to 15%, but its share has since fallen fivefold.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/4-331.webp\" alt=\"4-331\" class=\"wp-image-243705\"\/><figcaption class=\"wp-element-caption\">Dynamics of spot trading on CEX. Data: 0xScope.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Derivatives<\/strong><\/h2>\n<p>Out of 22 major exchanges, 11 offer derivatives trading. Over the past 12 months, these platforms processed a total of $39.38 trillion, nearly three times the total spot trading volume.<\/p>\n<p>Binance&#8217;s share fell from 50.9% to 42.5%. This allowed several competitors to strengthen their positions:<\/p>\n<ul class=\"wp-block-list\">\n<li>OKX increased its share from 15.5% to 19.8%;<\/li>\n<li>Bybit \u2013 from 11.3% to ~14%;<\/li>\n<li>Bitget \u2013 from 8.2% to 12.7%;<\/li>\n<li>MEXC Global&#8217;s share decreased from 7.3% to 4.3%.<\/li>\n<\/ul>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/5-210.webp\" alt=\"5-210\" class=\"wp-image-243706\"\/><figcaption class=\"wp-element-caption\">CEX derivatives trading share. Data: 0xScope.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>CEX vs DEX<\/strong><\/h2>\n<p>Experts forecasted increased competition from DEX. Their share in relative terms rose from less than 10% to 13.6%. In May 2023, the figure jumped to a record 14.2%.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/6-153.webp\" alt=\"6-153\" class=\"wp-image-243707\"\/><figcaption class=\"wp-element-caption\">Dynamics of trading volume ratio on DEX to CEX. Data: 0xScope.<\/figcaption><\/figure>\n<p>Over the past 12 months, trading volume on DEX has grown significantly. In March 2024, non-custodial platforms processed over $250 billion in transactions for the first time since December 2022. This milestone was repeated in June 2024.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/7-96.webp\" alt=\"7-96\" class=\"wp-image-243708\"\/><figcaption class=\"wp-element-caption\">Dynamics of trading volume on DEX. Data: 0xScope.<\/figcaption><\/figure>\n<p>Earlier, CCData estimated Binance&#8217;s share of the total trading volume on spot and derivatives markets at 36.6%. They identified Crypto.com, Bitget, and Bybit as beneficiaries.<\/p>\n<p>Previously, the latter <a href=\"https:\/\/forklog.com\/en\/news\/kaiko-assesses-etf-impact-on-cryptocurrency-trading-volumes\">strengthened its position<\/a> thanks to the <a href=\"https:\/\/forklog.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">launch<\/a> of BTC-ETF, according to Kaiko.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the past year up to October 9, Binance accounted for $22.5 trillion out of $54 trillion in trading volume across spot and derivatives markets on 22 platforms, according to data from 0xScope. Read the full report here: https:\/\/t.co\/0PsYzBujP3 pic.twitter.com\/wJNz17rwqr \u2014 0xScope (@ScopeProtocol) October 21, 2024 Analysts noted increased competition among CEX, which has weakened [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1701,744,1166,1150,1252],"class_list":["post-17991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-0xscope","tag-binance","tag-centralized-exchanges-cex","tag-news-plus","tag-reports"],"aioseo_notices":[],"amp_enabled":true,"views":"90","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17991"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17991\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17990"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}