Spot Market Trends: Binance’s dominance on the rise while Bitfinex continues to underperform

Quick Take

  • Among the Bitwise Real 10 exchanges, Binance’s market share has increased from 53% in July to 67% this month, likely caused by increased traffic from its new product launches (margin trading, futures, lending, Yuan-to-crypto OTC trading, etc.)
  • Although Bitfinex has shown short bursts of outperformance during periods of large BTC price swings, its market share has declined from 18% at the start of the year to mid-single digits
  • Poloniex experienced a bump in market share in November thanks to 0% spot trading fees (a promotion that will last till the end of the year)
While exchange trading volumes continue to disappoint relative to the elevated levels we experienced in June, the market share amongst the exchanges is constantly shifting. Within the past few months, reported volumes show that the industry is becoming less fragmented as Binance’s dominance becomes more prevalent.  Binance reaffirms its dominance Back in March, Binance controlled […]

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