Massive Surge: OKX, Binance, and Bybit See Triple Monthly Volumes

Trading volumes on global centralized cryptocurrency exchanges (CEX) have experienced a significant surge since late last year, according to a new report. The Bybit Institutional Report 2024 reveals that many CEXs have tripled their monthly trading volumes from October 2023 to March 2024. The report, released on April 18, highlights that OKX saw a 278% increase in 30-day volumes since October, while Binance experienced a 239% increase. Bybit exchange also stood out with a growth rate of 264%. These exchanges have surpassed the average industry growth rate of 255%. Coinbase, a U.S.-based exchange, increased its volumes by 193%. Bybit attributes the growth trends in CEX volumes to the price rallies of Bitcoin (BTC) and Ether (ETH), following the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. By comparing October 2023 trading data to March 2024, the Bybit report highlights volume growth and market share changes between CEXs. Although OKX showed faster growth than Binance, Binance remains the largest cryptocurrency exchange, accounting for at least 58% of the total spot trading volume. Bybit is positioned as the second-largest exchange, with a market share of 9.6% as of March 2023, while rival OKX made up approximately 9% of total crypto trading volumes. The report also indicates that the growth rate of CEXs has not surpassed that of decentralized exchanges (DEX), with Uniswap v3, a major DEX platform, experiencing a 320% increase in volumes. Derivatives CEXs have slightly increased their 30-day trading volumes, with Binance leading as the largest player, growing by 66% over the analyzed period. The report acknowledges that the derivatives market for CEXs is dominated by Binance, OKX, and Bybit.