Exchange Review

CCData's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

  • May 10, 2023

In April, the combined spot and derivatives trading volume on centralised exchanges fell 27.9% to $2.77tn, recording the first month-on-month decline in trading volume this year.

Key Takeaways

  • Spot trading volume on Binance fell 48.1% to $287bn in April, recording its second-lowest monthly trading volume since 2021. Binance’s market share also continued to slide, falling for the second consecutive month to 46.3%, its lowest market share since October 2022.
  • Since the launch of zero-fee trading of the BTC-TUSD pair on March 22nd, the TUSD trading volumes for the trading pair have soared to an all-time high, rising 851% to $34.0bn in April.
  • Korean exchange, Upbit, resumed its impressive trend in trading activity this year, now accounting for 4.77% of the market share compared to 2.81% at the beginning of the year – an all-time high for the exchange. 
  • BTC trading volume with USDT and BUSD has seen a heavy decline in April, with the former trading pair falling 65.9% to $117bn and being surpassed by the BTC/TUSD pair for the first time on Binance on April 15th.
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Exchange Review

CCData's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

  • May 10, 2023

Report Summary

In April, the combined spot and derivatives trading volume on centralised exchanges fell 27.9% to $2.77tn, recording the first month-on-month decline in trading volume this year.

Key Takeaways

  • Spot trading volume on Binance fell 48.1% to $287bn in April, recording its second-lowest monthly trading volume since 2021. Binance’s market share also continued to slide, falling for the second consecutive month to 46.3%, its lowest market share since October 2022.
  • Since the launch of zero-fee trading of the BTC-TUSD pair on March 22nd, the TUSD trading volumes for the trading pair have soared to an all-time high, rising 851% to $34.0bn in April.
  • Korean exchange, Upbit, resumed its impressive trend in trading activity this year, now accounting for 4.77% of the market share compared to 2.81% at the beginning of the year – an all-time high for the exchange. 
  • BTC trading volume with USDT and BUSD has seen a heavy decline in April, with the former trading pair falling 65.9% to $117bn and being surpassed by the BTC/TUSD pair for the first time on Binance on April 15th.
Download report

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