Bitcoin Trading Volume Competition
American crypto exchange Coinbase is facing tough competition in global trading volume as spot Bitcoin ETFs gain popularity in the U.S. Coinbase has dropped to the third position in terms of market share, with rival Bybit now taking the lead with about 16% of the trading volume.
Bybit’s Market Share Growth
According to data from blockchain analytics firm Kaiko, Bybit’s market share growth can be attributed to its efforts in lowering trading fees. The exchange has seen a significant increase in trading volume for both Bitcoin and Ethereum, with its market share rising from 17% to 53% in the past year.
Binance’s Altcoin Volume Increase
While Binance maintains its position as the top exchange with 54% market share, its share of Bitcoin and Ethereum volume has decreased from 59% to 43% in the past year. Kaiko suggests that this change may be influenced by market sentiment shifts, especially during bear markets.
Wall Street’s Response to Bybit
Despite Bybit’s progress, there has been a distancing from Wall Street, with reports of a Citadel Securities-backed prime brokerage firm halting access to Bybit due to KYC/AML concerns. Bybit has not publicly addressed the issue but has emphasized its commitment to transparency and promised updates as the review progresses.
