Binance takes over 98% of all Bitcoin spot buying and selling quantity

Binance is liable for nearly all Bitcoin (BTC) spot buying and selling — with over 98% of transactions passing via the centralized alternate between Feb. 18-19.

Binance’s $6.8 billion greenback quantity dominates others available in the market — a pattern that has solely grown for the reason that collapse of FTX, in accordance with knowledge from Coinalyze.

Binance has been gathering extra market share by growing its spot buying and selling of BTC — over 5% progress since Jan. 2023. Moreover, Binance’s market share for spot quantity has been constantly rising over the previous yr — which now quantities to nearly 100% of the market share.

Binance’s success in dominating the BTC buying and selling market could be attributed to its no-trading-fee coverage. Nevertheless, this additionally makes the alternate susceptible to bots that may benefit from the system. In distinction, exchanges like Coinbase cost charges of round $5-7 for transactions, making it much less prone to bots.

When it comes to each day buying and selling quantity, Binance stays the clear chief in the complete spot buying and selling market, pushing over $21 billion, in accordance with CoinMarketCap. Coinbase is the one different alternate with over $1 billion in each day alternate, with a buying and selling quantity of $1.4 billion.

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