A recent study highlighted a remarkable surge in trading volumes across major centralized cryptocurrency exchanges (CEXs) globally.
The Bybit Institutional Report 2024, released on April 18, revealed that from October 2023 to March 2024, several CEXs saw their trading volumes at least triple.
Particularly notable were the increases reported by exchanges such as OKX and Binance.
OKX’s 30-day trading volumes soared by 278% starting from last October, while Binance experienced a 239% upsurge in the same period.
Bybit itself also demonstrated significant growth, with a 264% increase in trading volumes. This performance by all three exchanges has outpaced the average industry growth rate of 255%.
Despite these impressive numbers, the U.S.-based Coinbase trailed slightly, recording a 193% increase in trading volumes, which was below the industry average.
The Bybit report attributes the substantial rise in CEX trading volumes primarily to the recent price rallies of major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
These rallies followed the U.S. approvals of spot Bitcoin BTC exchange-traded funds (ETFs), which likely fueled investor interest and market activity.
“For the volume sections, we compare 30-day volumes to eliminate volatilities in volume figures on a daily basis,” explained a representative from Bybit.
This approach allows the analysts to more accurately gauge the growth in trading volumes and observe shifts in market shares among CEXs.
Although OKX surpassed Binance in growth rate during the observed period, Binance maintained its position as the dominant player in the market, commanding at least 58% of total spot trading volume.
By comparison, Bybit and OKX held market shares of 9.6% and 9%, respectively.
The data also suggests that while CEXs have experienced substantial growth, they have not outpaced the growth of decentralized exchanges (DEXs). For instance, Uniswap v3, a major DEX, reported a 320% increase in trading volumes.
In addition to spot markets, the derivatives market also showed growth, albeit at a slower pace. Binance, as the largest derivatives exchange, reported a 66% increase in its 30-day trading volumes.
The report highlights, “The derivatives market for CEXs is almost entirely dominated by Binance, OKX, and Bybit.”
This overall surge in trading activity across CEXs reflects both evolving market dynamics and the increasing popularity of cryptocurrencies as investment assets.
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