A recent report reveals that trading volumes on global centralized cryptocurrency exchanges (CEX), such as Binance, have experienced a significant increase since late last year.
According to the Bybit Institutional Report 2024, many CEXs have seen their monthly trading volumes triple from October 2023 to March 2024.
Released on April 18, the report from Bybit shows that OKX experienced a surge in 30-day volumes of up to 278% since last October, while Binance followed closely with a 239% increase. Bybit exchange itself has also stood out as one of the fastest-growing platforms in terms of volumes, with a growth rate of 264%.
A spokesperson for Bybit told Cointelegraph that all three exchanges have surpassed the industry’s average growth rate of 255%. The U.S.-based exchange Coinbase saw a 193% increase in volumes, slightly below the average growth rate.
According to Bybit, the significant growth in CEX volumes has been largely driven by the price rallies of Bitcoin (BTC) and Ether (ETH) following the approvals of spot Bitcoin exchange-traded funds (ETFs) in the U.S.
“To eliminate volatilities in volume figures on a daily basis, we compare 30-day volumes for the volume sections,” said a representative from Bybit. The spokesperson added that Bybit analysts compared trading data from October 2023 to March 2024 to demonstrate volume growth and observe market share changes among CEXs.
Despite OKX outpacing Binance in terms of growth speed during the analyzed period, Binance remains the largest cryptocurrency exchange in terms of market share, accounting for at least 58% of the total spot trading volume, according to Bybit’s data.
In the report, Bybit is positioned as the second-largest exchange in terms of market share, representing 9.6% of the market as of March 2023. Rival exchange OKX accounted for approximately 9% of the total crypto trading volumes.
According to Bybit’s data, the growth trend of CEXs has failed to surpass the growth rate of decentralized exchanges (DEX), as major DEX Uniswap v3 saw its volumes increase by 320%.
Derivatives CEXs have also seen a slight increase in 30-day trading volumes, with Binance, the largest player in the derivatives market, adding around 66% over the period.
“The derivatives market for CEXs is dominated almost entirely by Binance, OKX, and Bybit,” the report highlights.