According to a new report, there has been a significant spike in the trading volumes recorded on global centralized crypto exchanges (CEX), such as Binance, since late last year.
Bybit recently published its Institutional Report 2024 and the data shows that from October 2023 to March 2024, the monthly trading volumes of many CEXs tripled.
The report
Bybit released its report on April 18th and it shows that the 30-day volumes of the OKX exchange have increased by almost 278% since the previous October.
Meanwhile, there was a 239% increase in the trading volumes recorded on Binance. Bybit exchange itself was also one of the fastest-growing platforms, as its trading volumes surged by 264%.
The average growth rate of the crypto industry stands at 255% and all three exchanges managed to surpass it.
As far as Coinbase, the US-based exchange, is concerned, it saw its trading volume increase by 193%, which is slightly below the average growth rate.
According to Bybit, the significant growth that has been recorded in volumes of these centralized exchanges was mostly driven by the price rallies seen in Bitcoin and Ether.
These price rallies happened after the SEC gave its approval for spot Bitcoin exchange-traded funds (ETFs) in the United States.
The analysis
A Bybit representative said that for making accurate volume calculations, they compare volumes over 30 days to eliminate any volatilities recorded in the numbers on a daily basis.
Therefore, the exchange’s analysts used the trading data from October 2023 to March 2024 to highlight the volume growth and determine the changes in market shares between CEXs.
During the analyzed period, OKX managed to surpass Binance as far as the speed of growth is concerned.
Nonetheless, Binance still had the biggest market share, which means it was still the largest crypto exchange. Bybit’s data showed that it accounted for about 58% of the total spot trading volume.
The numbers
The report showed that Bybit emerged as the second-largest crypto exchange in terms of market share, as it accounted for 9.6% of the spot trading volume as of March 2023.
OKX, on the other hand, accounted for about 9% of the spot crypto trading volume.
Bybit data also showed that despite the impressive growth trend seen in centralized exchanges, they have not been able to surpass the growth rate seen in decentralized exchanges (DEX).
Uniswap v3, a major DEX, saw its volumes rise by 320%. Derivatives CEXs also saw their 30-day trading volumes increase slightly.
Binance, which is the biggest derivatives player, saw its trading volumes increase by 60% over the 30 days.
The report from Bybit noted that Binance, OKX, and Bybit itself had managed to dominate the derivatives market for centralized exchanges.
These exchanges have also benefitted from the downfall of some major competitors in the industry, namely FTX, which pushed people to switch to different platforms.