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.
Binance is responsible for almost all Bitcoin (BTC) spot trading โ 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 โ 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 โ over 5% growth since Jan. 2023. Additionally, Binance’s market share for spot volume has been continuously growing over the past year โ 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.