2023 Q2 is already halfway through, and it has been a dull quarter, with the total market capitalization of the Crypto market still hovering around $12 trillion, the same as at the end of Q1. Bitcoin started at $30,000 and hasn't experienced much change, ending up at around $30,000.
Although the market situation hasn't changed much, the landscape of exchanges is different. As scheduled, we have brought you the Q2 Exchange Quarterly Report. In this report, we summarize the performance of the exchange industry and select the top 10 centralized exchanges. We hope to help you understand the changes in the exchange market through the data.
The following content is only a partial summary of the report. If you want to view the full text, please go to the end of the article to download the complete report for free.
If you are interested in the previous report, please click to read:
Crypto Exchange Quarterly Report 2023 Q1
Crypto Exchange 2022 Annual Report
The total trading volume of the top 10 exchanges in 2023 Q2 is $8.3 trillion, a decrease of 23% compared to Q1
In 2023 Q2, the total trading volume of the top 10 exchanges is $8.3 trillion, a decrease of almost one-fourth compared to Q1.
The top 4 exchanges in terms of trading volume are Binance, OKX, Bybit, and Bitget. The combined market share of these four exchanges exceeds 85% of the total market.
Binance Q2 total trading volume reached 4.3 trillion US dollars, market share decreased by 3% compared to Q1, but still exceeds 50% of the overall market.
OKX, Bybit, Bitget, MEXC, KuCoin, and Huobi all experienced growth in Q2 trading volume. Meanwhile, the market share of Upbit and Coinbase slightly declined.
There is not much change in the overall market structure of exchanges in Q2 2023, Binance's dominant position has declined, but still leading with over 50% market share.
In Q2 2023, Binance's dominant position in the market has decreased. Its market share dropped from 53.6% in the beginning of Q2 to 50.6%, a decrease of about 3%. However, it still maintains a leading position in the exchange market with over half of the market share. It's worth noting that the zero trading fee promotion by Binance ended at the end of March, which may be one of the reasons for the decrease in Binance's trading volume share.
OKX, Bybit, Bitget, MEXC, and Huobi all saw varying degrees of market share growth in Q2, with the largest increase seen in OKX and Bitget, which grew by 1.9% and 1.8% respectively. The market share of other exchanges showed varying degrees of decline. Upbit and Coinbase, due to local (South Korea and US) regulatory policies, experienced a significant drop in market share.
The total trading volume for the top 10 spot exchanges in Q2 2023 was 1.3 trillion US dollars, a decrease of about 45% compared to Q1.
The spot trading volume in 2023 Q2 was the lowest in recent years, only 13.2 trillion dollars, a decrease of 44.8% compared to Q1, and a decrease of 52.5% compared to 2022 Q2.
Binance had a market share of 55.33% in the spot market in 2023 Q2, similar to the same period last year. It decreased by 9% compared to Q1, but still accounted for over half of the market share.
Bitget and Bybit's market share increased significantly. At the beginning of 2023, Bitget only had a 2% market share, which reached 3% in early Q2, and doubled to 6% by Q2 end. Bybit increased from 1% at the beginning of the year to 6% by Q2 end.
OKX and Coinbase saw a slight increase in spot trading market share, while Upbit experienced a larger decrease due to market regulations in South Korea.
The total trading volume of the top 10 derivatives exchanges in 2023 Q2 was 67 trillion dollars, a 15% decrease compared to Q1.
Compared to the spot market, the derivative market experienced a smaller decrease in trading volume in 2023 Q2, with a decrease of 14.6% compared to Q1, and a decrease of approximately 50.7% compared to 2022 Q2.
The peaks in trading volume occurred during periods of intense Bitcoin price fluctuations, once at the end of April and again at the end of June, with 24-hour trading volume reaching 172 billion and 143 billion dollars respectively.
In Q2 and even in the past year, there have been no significant changes in the market share of derivative trading. In 2023 Q2, Binance remained in the first place with a market share of 54%, followed by OKX with an 18% share. Bybit and Bitget ranked third and fourth respectively.
$BGB still leads all platform coins in Q2, the same as Q1, except for $LEO and $OKB, all other platform coins have negative returns
In already issued and operating exchanges, Bitget's $BGB had the highest price increase in Q2, reaching 22.6%. Bitfinex's $LEO followed closely, with a growth rate of 15.4%.
In addition to the above two coins, OKX's platform coin $OKB also showed impressive performance, with a 7.1% increase, matching that of $BTC. The remaining platform coins experienced negative growth rates in Q2.
For more analysis on the exchange industry in Q2 2023, feel free to download the full report here.
