Binance Increases Market Share as Bitcoin Spot Volume Drops 77%
Bitcoin and altcoin spot trading volumes have significantly declined in the past two months as prices corrected. Key points include:
- Total bitcoin spot trading volume dropped from $44 billion on February 3 to $10 billion at the end of Q1, a 77% decrease.
- Total altcoin spot trading volume fell from $122 billion on February 3 to $23 billion, marking an 80% decline.
- This reduction indicates decreased trader confidence amid falling prices.
Binance's Market Position
- Binance's market share of total trading nearly reached 50%, up from 33% for bitcoin spot trading by the end of Q1.
- For altcoin spot trading, Binance's share increased from 38% to 44% during the same period.
- Some altcoins, like BNB, TON, and EOS, continue to show relatively high trading activity despite overall declines.
- Bitcoin reserves on Binance rose from 568,768 BTC on March 28 to 590,874 BTC on April 9, an increase of 22,106 BTC, indicating increased inflows as investors respond to macroeconomic uncertainty.