tl;dr
In September, data from CCData revealed that Binance's market share in the derivatives market dropped to 40.7%, its lowest in four years, with an overall market share of 36.6%, also the lowest in four years. Spot trading volume on Binance decreased by 22.9% to $344 billion, its lowest since November...
Binance's market share has hit a four-year low in both the spot and derivatives markets, with trading volumes dropping significantly. In September, data from CCData revealed that Binance's market share in the derivatives market dropped to 40.7%, its lowest in four years, with an overall market share of 36.6%, also the lowest in four years.
Spot trading volume on Binance decreased by 22.9% to $344 billion, its lowest since November 2023, with a spot market share of 27%, the lowest since January 2021. Additionally, Binance saw a 21.0% drop in derivatives trading volume to $1.25 trillion, the lowest since October 2023.
Conversely, Crypto.com experienced a surge in trading activities, with spot and derivatives trading volumes increasing by 40.2% and 42.8% to $134 billion and $149 billion, respectively, marking an all-time high for the exchange, now the fourth largest centralized exchange by volumes at 11%.
Despite its recent poor performance, Binance achieved a historic milestone as the first centralized crypto exchange to surpass $100 trillion in lifetime volumes.
New data from blockchain tracker CCData show that Binance’s share in the derivatives market dropped to 40.7%, its lowest since September 2020. Its overall market share in the combined spot and derivatives markets also fell to 36.6%, the lowest in the last four years. Spot trading volume on the platform dropped by 22.9% to $344 billion, the lowest since November 2023 and representing Binance’s lowest spot market share (27%) since January 2021. The exchange also saw its derivatives trading volume drop by 21.0% to $1.25 trillion, the lowest since October 2023.
Meanwhile, a Singapore-based crypto exchange, Crypto.com, is experiencing a surge in trading activities as Binance’s market share plunges. In September, spot and derivatives trading volumes on Crypto.com increased by 40.2% and 42.8% to $134 billion and $149 billion, respectively, an all-time high for the exchange. The platform is now the fourth largest centralized exchange by volumes after its combined spot and derivatives market share surged to 11% last month.
Despite its poor performance last month, Binance recently made history as the first centralized crypto exchange to surpass over $100 trillion in lifetime volumes.