Binance’s Market Share Declines for the 7th Consecutive Month – What Does This Mean for Crypto Investors?

Binance’s Market Share Continues to Decline, According to CCData Report

In its latest report released on Thursday (05), research company CCData highlighted that Binance’s market share has decreased for the seventh consecutive month.

The report revealed that spot trading volumes on Binance in September dropped by 36.8%, reaching a total of $115 billion. This marks the lowest monthly spot volumes for the exchange since October 2020.

CCData also noted that this decline represents the third consecutive decrease in volumes since June 2023. As a result, Binance’s market share among spot crypto exchanges is currently at 34.3%, the lowest percentage since June 2022.

The decrease in volumes was further exacerbated by the suspension of the zero-fee trading promotion for BTC-TUSD pairs last month, according to the report.

Meanwhile, derivatives trading volumes on Binance also experienced a decline of 20.8%, reaching $686 billion. This represents the lowest monthly volumes for the exchange since December 2020.

Despite Binance’s dominance in the derivatives sector declining by 13.9% from its annual peak of 65.4% in February, it remains the largest venue for trading these products with a market share of 51.5%. However, OKX, Bybit, and Bitget have capitalized on Binance’s decline, increasing their market shares to 19.6%, 13.6%, and 9.43%, respectively.

“The Binance continues to dominate derivatives with a market share of 51.5%. However, its dominance has fallen to the lowest level since March 2022,” highlighted CCData.

As seen in the graph below, while Binance lost ground, Upbit, MEXC Global, Bybit,, and Bullish gained market share in September., Bithum Korea, BeQuant, and Huobi Global also saw their market shares decline last month.

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