According to a report by digital asset data provider CCData on October 3, Binance’s market dominance has seen a notable decline. Its spot market share has decreased to 27%, the lowest since January 2021. In September, Binance’s spot trading volume dropped by 22.9% to $344 billion, the lowest monthly spot volume since November 2023. Despite this, Binance remains the leader in this area.
Binance’s derivatives market share has decreased to 40.7%, the lowest since September 2020, and its overall market share (spot and derivatives) declined to 36.6%, also a low since September 2020. However, it continues to be the largest derivatives exchange by monthly volume, trading $1.25 trillion in September, a 20.6% drop from August. Binance, Upbit, and OKX experienced the most significant market share losses, with declines of 5.3%, 4.6%, and 4.0% to 27.0%, 2.5%, and 3.9%, respectively. Binance’s loss has been Crypto.com’s gain, with spot and derivatives volumes increasing by over 40% each, pushing its combined market share to 11% and making it the fourth-largest centralized trading platform by volume. According to CoinGecko, Crypto.com ranks second to Binance in daily spot trading volume, with around $8 billion, while Bybit is third with $5 billion.
The research also highlighted Crypto.com and Coinbase as the best-performing derivatives exchanges based on month-on-month changes, with increases of 42.8% and 7.05% to $149 billion and $1.88 billion, respectively. Bybit kept its third position with 15.3% of the derivatives market share, while OKX held 18.4%. Crypto derivatives accounted for just over 70% of the entire crypto market volume.
The report noted that Septembers are typically slower in terms of trading volumes, often coinciding with the last month of a seasonality period marked by low trading activity. Even though Octobers are generally bullish, crypto markets have already declined by 8%, or about $200 billion, since the beginning of this month. Nonetheless, the research suggests a market share shift from established players like Binance to emerging exchanges like Crypto.com, possibly indicating changing preferences among crypto traders.
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