Binance takes over 98% of all Bitcoin spot trading volume

2023-2-20 12:50

Binance is responsible for almost all Bitcoin (BTC) spot trading — with over 98% of transactions passing through the centralized exchange between Feb. 18-19.

Binance’s $6.8 billion dollar volume dominates others in the market — a trend that has only grown since the collapse of FTX, according to data from Coinalyze.

Binance dominates market share with 98% of BTC/SPOT trading volume (Source: Coinanalyze)

Binance has been gathering more market share by increasing its spot trading of BTC — over 5% growth since Jan. 2023. Additionally, Binance’s market share for spot volume has been continuously growing over the past year — which now amounts to almost 100% of the market share.

Bitcoin % share in spot trading volume (source: JA_Maartun on Twitter)

Binance’s success in dominating the BTC trading market can be attributed to its no-trading-fee policy. However, this also makes the exchange vulnerable to bots that can take advantage of the system. In contrast, exchanges like Coinbase charge fees of around $5-7 for transactions, making it less susceptible to bots.

In terms of daily trading volume, Binance remains the clear leader in the entire spot trading market, pushing over $21 billion, according to CoinMarketCap. Coinbase is the only other exchange with over $1 billion in daily exchange, with a trading volume of $1.4 billion.

The post Binance takes over 98% of all Bitcoin spot trading volume appeared first on CryptoSlate.

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