Binance spot market share drops for 7th consecutive month: Report
Binance’s lost spot trading volume has been reportedly distributed among exchanges like HTX (formerly Huobi), Bybit and DigiFinex. Major global cryptocurrency exchange Binance has reportedly continued to lose its market share amid ongoing regulatory issues in the United States. Binance’s spot market share fell for a seventh consecutive month in September 2023, Bloomberg reported on Oct. 5, citing analysis from cryptocurrency data provider CCData According to the report, Binance’s spot market share dropped from 38.5% in August to 34.3% in September. In January 2023, Binance’s spot market share accounted for as much as 55.2%. Binance's global spot market share percentage chart year-to-date. Source: Bloomberg Apart from the spot market, Binance has also been losing market share in the derivatives market. According to the report, Binance’s derivatives market share tumbled from 53.5% in August to 51.5% in September. In January, the exchange’s market dominance in the derivatives m...