Binance.US, the US subsidiary of Binance, continues to lose ground in the cryptocurrency market. Meanwhile, Coinbase, Bybit and OKX seem to be holding their own, although the US players are generally having less impact on the international market.
Binance.US continues to lose ground
The Securities and Exchange Commission (SEC) seems to have got the better of Binance.US, the subsidiary of the giant Binance dedicated to the US cryptocurrency market. Early last month, we reported that Binance.US had effectively ceded 15% market share to its competitors, dropping from 20 to just 4.8% share of the US crypto market.
At the same time, the platform’s market depth had plummeted by nearly 80%, opening the door to significant slippage opportunities on certain pairs, some of which were eventually suspended.
Well, according to a recent report published by Reuters, Binance.US’s market share fell below the symbolic level of 1% on 26 June. These figures are corroborated by recent analyses by Kaiko, which highlight the ground gained by Coinbase, one of Binance.US’s main rivals along with Kraken. Bybit and OKX are also among the crypto exchanges that have managed to hold their own in the midst of this slump.
Coinbase’s market share is up in June, reaching its highest level since Jan 2023. Meanwhile, https://t.co/pup2WYms9R market share hit a new all-time low, dropping below 1%. pic.twitter.com/nRBAqWtYgB
– Kaiko (@KaikoData) July 4, 2023
Although Coinbase has been at the forefront of clashes with the US regulator, its position as a monitoring partner through several Bitcoin spot ETF applications in recent times seems to have kept it afloat.
As we can see below, Binance has also lost ground, dropping from 63% to 52% of international market share. Coinbase, meanwhile, lost 1%, a decline that is part of an overall weakening of US players. In fact, as we reported earlier today, they now account for just 9% of total Bitcoin (BTC) exchange volume.
International cryptocurrency exchanges market share in % of weekly volume
Despite this drop, Binance is still by far the market leader with a recorded volume of $9.4 billion over the last 24 hours.
