Binance takes over 98% of all Bitcoin spot trading volume Binance takes over 98% of all Bitcoin spot trading volume
Spot trading of Bitcoin on Binance has grown 5% since Jan. 2023, adding to the centralized exchange's dominance.
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Updated: Feb. 20, 2023 at 9:47 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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 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.
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.
Author 
Dorian Batycka
Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, the Art Newspaper, and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes his way through current financial and art news, scandals, and events.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.