According to the Bybit Institutional Report 2024, released on April 18, major centralized cryptocurrency exchanges such as OKX, Binance, and Bybit have seen a significant increase in trading volumes.
From October 2023 to March 2024, these platforms experienced a surge in activity, with OKX recording a 278% increase in 30-day volumes, Binance 239%, and Bybit 264%.
This growth exceeds the industry average rate of 255%.
Factors Driving the Volume Increase
The report attributes this growth to the price rallies of Bitcoin and Ether, following the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S.
“For the volume sections, we compare 30-day volumes to eliminate volatilities in volume figures on a daily basis,” a Bybit representative explained, highlighting the method used to analyze trading data from October 2023 to March 2024.
Market Share and Competitive Landscape
Despite the rapid growth of OKX, Binance remains the dominant player in the market, accounting for at least 58% of the total spot trading volume.
Bybit has positioned itself as the second-largest exchange by capturing 9.6% of the market, closely followed by OKX with around 9%.
Comparison with Decentralized Exchanges
The growth of centralized exchanges (CEXs) has not surpassed that of decentralized exchanges (DEXs), with major DEX Uniswap v3 reporting a 320% increase in volumes.
This indicates a strong and continuing interest in decentralized trading solutions within the crypto community.
Derivatives Market Overview
The derivatives market on CEXs has also seen growth, predominantly led by Binance, which added about 66% to its 30-day trading volumes.
“The derivatives market for CEXs is almost entirely dominated by Binance, OKX, and Bybit,” the report notes, underscoring the concentrated nature of this market segment.
This detailed analysis from the Bybit Institutional Report provides insight into the trends and shifts within the cryptocurrency trading environment, reflecting both the evolving landscape of digital asset exchanges and the broader economic factors influencing market dynamics.
