Binance is responsible for almost all Bitcoin (BTC) spot trading, with over 98% of trades going through centralized exchanges on February 18-19.
Binance’s $6.8 billion trading volume outstrips the rest of the market. According to Coinalyze data, this trend has only grown since his FTX demise.
Binance gains more market share by increasing BTC spot trading — a growth of over 5% since January 2023. market share.
Binance’s success in dominating the BTC trading market can be attributed to its no transaction fees policy. However, this leaves the exchange vulnerable to bots that can take advantage of the system. In contrast, exchanges like Coinbase charge a fee of around $5-$7 per transaction, making them less susceptible to bots.
In terms of daily trading volume, Binance remains the clear leader across the spot trading market, pushing over $21 billion. according to Go to Coin Market Cap. Coinbase is the only exchange with over $1 billion in daily trading volume, with a trading volume of $1.4 billion.
The post, where Binance accounts for 98% of all Bitcoin spot trading volume, first appeared on CryptoSlate.