KuCoin Token

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Bitget Token

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More than half of 2023 has passed, and Q2 was a flat quarter. The total crypto market cap still hovered around $1.2 trillion, exactly the same as at the end of Q1. The price of <a href="https://tokeninsight.com/en/coins/bitcoin/overview" rel="noopener noreferrer nofollow">Bitcoin</a> started at $30,000, and there were not many changes along the way, eventually settling around $30,000.Although the market situation has not changed much, the exchange landscape is different. We have timely brought you the Q2 exchange quarterly report. We summarized the data performance of the exchange industry in the report, selected the top 10 centralized exchanges, and hope to help you understand the changes in the exchange market through the changes in the data.The following content is only a partial summary of the report. To view the full report, please read: <a href="https://tokeninsight.com/en/research/reports/crypto-exchange-report-2023q2" rel="noopener noreferrer nofollow">Crypto Exchange Report 2023Q2</a><blockquote>If you are interested in the previous reports, please click to read:</blockquote><ul><li><a href="https://tokeninsight.com/en/research/reports/crypto-exchange-report-2023q1" rel="noopener noreferrer nofollow">Crypto Exchange Report 2023Q1</a> </li><li><a href="https://pre.tokeninsight.com/en/research/reports/crypto-exchanges-2022-annual-report" rel="noopener noreferrer nofollow">Crypto Exchange 2022 Annual Report</a></li></ul><h2 id="header-0">In 2023 Q2, the Total Trading Volume of the Top 10 Exchanges Reached $8.3 Trillion, Down 23% Compared to Q1</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/a9462e1d0bc94c06bf568e3d44d9a511.jpeg" />The total trading volume of the top 10 exchanges in Q2 2023 was $8.3 trillion, a decrease of nearly a quarter compared to Q1. The top 4 exchanges by trading volume were <a href="https://tokeninsight.com/en/exchanges/binance" rel="noopener noreferrer nofollow">Binance</a>, <a href="https://tokeninsight.com/en/exchanges/okx" rel="noopener noreferrer nofollow">OKX</a>, <a href="https://tokeninsight.com/en/exchanges/bybit" rel="noopener noreferrer nofollow">Bybit</a>, and <a href="https://tokeninsight.com/en/exchanges/bitget" rel="noopener noreferrer nofollow">Bitget</a>, whose combined market share exceeded 85% of the total market.Binance&#39;s total trading volume in Q2 was $4.3 trillion, a 3% decrease in market share compared to Q1, but still over 50% of the entire market.The trading volume shares of OKX, Bybit, Bitget, <a href="https://tokeninsight.com/en/exchanges/mexc-global" rel="noopener noreferrer nofollow">MEXC</a>, <a href="https://tokeninsight.com/en/exchanges/kucoin" rel="noopener noreferrer nofollow">KuCoin</a>, and <a href="https://tokeninsight.com/en/exchanges/huobi" rel="noopener noreferrer nofollow">Huobi</a> all increased in Q2, while the market share of Upbit and Coinbase slightly declined.<h2 id="header-1">In 2023 Q2, the Exchange Market Did Not Change Significantly, With Binance&#39;s Dominant Position Decreasing but Still Leading With Over 50% Market Share</h2><img src="https://tokeninsight.com/cdn-cgi/image/width&#61;950,fit&#61;cover,quality&#61;80/https://s2.tokeninsight.com/static/research/content/img/%E2%80%8ETokenInsight_Crypto_Exchanges_Report_2023_Q2.%E2%80%8E005.jpeg" />In Q2 2023, Binance&#39;s market dominance decreased, with its market share dropping from 53.6% at the beginning of Q2 to 50.6%, a decrease of approximately 3%. However, Binance still leads the exchange market with over 50% market share. It is worth noting that Binance&#39;s zero trading fee promotion ended at the end of March, which may be one of the reasons for the decrease in its trading volume and market share.OKX, Bybit, Bitget, MEXC, and Huobi all saw varying degrees of market share growth in Q2, with OKX and Bitget having the largest increase of 1.9% and 1.8%, respectively. The market share of other exchanges showed varying degrees of decline. Upbit and Coinbase both experienced significant decreases in market share due to policy and regulatory impacts in their respective countries, South Korea and the United States.<h2 id="header-2">In 2023 Q2, the Spot Trading Volume of the Top 10 Exchanges Was $1.3 Trillion, Which Decreased By 45% Compared to Q1</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/96bb49137e204b49b96d84cfda0256d2.jpeg" />Spot trading volume in Q2 2023 was the lowest in recent years, with only $1.32 trillion, a 44.8% decrease from Q1 and a 52.5% decrease from Q2 2022.In the spot market, Binance&#39;s share in Q2 2023 was 55.33%, about the same as last year. Compared to 64.33% in Q1, it decreased by 9% but still accounted for over half of the market share.The market share of Bitget and Bybit has increased significantly. At the beginning of 2023, Bitget only accounted for a 2% share, but by early Q2, it had reached 3%, and by the end of Q2, it had doubled to 6%. Bybit also increased its market share from 1% at the beginning of the year to 6% by the end of Q2.The shares of OKX and Coinbase have slightly increased, while Upbit has experienced a significant decrease in market share due to the Korean market regulation mentioned earlier.<h2 id="header-3">In 2023 Q2, the Derivative Trading Volume of the Top 10 Exchanges Was $6.7 Trillion, Which Decreased By 15% Compared to Q1</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/8a7e580091b94fdaab6c0fcafc5548ff.jpeg" />Compared to the spot market, the derivatives market saw a smaller decline in trading volume in Q2 2023, with a 14.6% decrease from Q1 and a 50.7% decrease from Q2 2022.The two peaks in trading volume occurred during periods of intense price volatility for Bitcoin, one at the end of April and the other at the end of June, with 24-hour trading volumes reaching $172 billion and $143 billion, respectively.In Q2, and even over the past year, there has been no significant change in the market share of derivatives trading volume. In Q2 2023, Binance remained in first place with 54% market share, followed by OKX with 18% market share, and Bybit and Bitget in third and fourth place, respectively.<h2 id="header-4">In Q2, $BGB Continued to Lead All Exchange Tokens, With the Exception of $LEO and $OKB, All Other Exchange Tokens Had Negative Returns</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/0c0171ad6e3f47b787738d8ad7802fb3.jpeg" />Among the exchanges that have issued exchange tokens and are still in operation, Bitget&#39;s <a href="https://tokeninsight.com/en/coins/bitget-token/overview" rel="noopener noreferrer nofollow">$BGB</a> had the highest price increase in Q2, reaching 22.6%. <a href="https://tokeninsight.com/en/exchanges/bitfinex" rel="noopener noreferrer nofollow">Bitfinex</a>&#39;s <a href="https://tokeninsight.com/en/coins/unus-sed-leo/overview" rel="noopener noreferrer nofollow">$LEO</a> followed closely behind, with an increase of 15.4%.In addition to the two mentioned tokens, <a href="https://tokeninsight.com/en/coins/okb/overview" rel="noopener noreferrer nofollow">$OKB</a> of OKX also had a respectable return rate, with an increase of 7.1%, which is on par with <a href="https://tokeninsight.com/en/coins/bitcoin/overview" rel="noopener noreferrer nofollow">$BTC</a>. All other platform coins had negative returns in Q2.For more analysis on the exchange industry in Q2 2023, please read: <a href="https://tokeninsight.com/en/research/reports/crypto-exchange-report-2023q2" rel="noopener noreferrer nofollow">Crypto Exchange Report 2023Q2</a><h2 id="header-5">What’s New on TokenInsight?</h2>Free download: Tokens and Exchanges historical data<img src="https://academy-public.coinmarketcap.com/optimized-uploads/03667067ea244b9996a039488a401060.png" />A 100% open-source bulk transfer assistantSending ETH or any ERC20 / TRC20 tokens to multiple addresses in only one transaction. Multi-chain supported. <a href="https://tokeninsight.com/en/products/bulk-transfer?utm_source&#61;research_report&amp;utm_medium&#61;pdf&amp;utm_campaign&#61;q2_exchange_report" rel="noopener noreferrer nofollow">Try it</a>!<img src="https://tokeninsight.com/cdn-cgi/image/width&#61;950,fit&#61;cover,quality&#61;80/https://s2.tokeninsight.com/static/research/content/img/bulk%C2%A0transfer_assistant.png" />

Crypto Exchange Report 2023Q2

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