Decline in Overall Trading Volumes
Crypto trading volumes declined across all exchanges in Q2 due to souring risk sentiment and declining BTC and ETH ETF inflows. However, some exchanges like, Coinbase and Bybit, experienced more significant impacts than others.
Bybit’s Market Share Growth
In Q2, Bybit emerged as the main winner, with its market share rising from 10% to 16%. This growth allowed Bybit to surpass Coinbase, becoming the second-largest exchange after Binance. Meanwhile, Binance’s market share peaked at 58% in May before dropping to 52% by June. Coinbase gained just 2% throughout the quarter, with most gains occurring in the last week of June.
Bybit’s BTC Volume Increase
Analyzing spot trade volumes by asset reveals that Bybit’s volume increase in Q2 was driven by BTC. Bybit’s market share for BTC rose from 30% to 40% between April and June.
Binance’s Focus on ETH and Stablecoins
In contrast, Binance saw a stronger increase in ETH and stablecoin volumes throughout Q2. The share of BTC trading on Binance remained flat at around 30%.
