The launch of Bitcoin spot ETFs by U.S. companies has sparked fierce competition among crypto exchanges.
Crypto exchange Coinbase According to Kaiko, the blockchain analytics company, Coinbase is now no longer the world’s second-largest brand by trading volume. Coinbase’s market shares have dropped since October 2023 from 11% down to 8%. Meanwhile, rival Bybit Now accounts for approximately 16% of the global trading volume.
Kaiko notes Bybit’s effort to grow its market share by reducing trading costs has resulted in a rise of the trading fee. Kaiko emphasizes that reduced costs were “not the only reason for its rise,” The exchange was implied to have “benefitted from Binance’s success” regulatory troubles.”
“Analyzing spot trade volumes by asset reveals that the increase in volume on Bybit has been driven by both BTC and ETH, whose market share has risen from 17% to 53% since last year,” Analysts at Kaiko claim
As a comparison Binance A has been seen “stronger increase in altcoin volume,” It added that while the stock exchange remains the market leader (54%), it’s share has decreased. Bitcoin You can also find out more about the following: Ethereum originated volume “has declined to 43% this year from 59% a year ago.” Kaiko says the changes could be driven by “swings in risk sentiment and tends to decline more during bear markets.”
Wall Street appears to be moving away from Bybit, despite the progress it has made. Citadel Securities, which owns Hidden Road Prime Brokerage firm, was reported to have acquired the company in late May. stopped Bybit’s KYC/AML policies. Bybit did not address the matter publicly, but an exchange spokesperson stated that Bybit’s platform is accessible. “committed to transparency and will provide further updates as the review progresses.”
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Source: crypto.news
