Kaiko assessed the impact of ETFs on the trading volumes of crypto exchanges

The launch of spot bitcoin ETFs in the United States has significantly increased the volume of cryptocurrency trading in the world. The calculations were brought to Kaiko.

Despite reporting improved revenue and profits, Coinbase’s global market share has seen only a minor increase of 1% over the same time period.

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— Kaiko (@KaikoData) June 25, 2024

Despite the improvement in revenue and profit indicators, Coinbase's share of the global market increased by only 1% from October to March.  

The key beneficiary through the prism of the ETF factor was Bybit, whose share doubled from 8% to 16%. Such a breakthrough allowed the platform to become the second in the world in this indicator after Binance (54%).

Data: Kaiko.

Experts called it "surprising" that the decline in the latter's market share continued over the period under review (from 60%), although the organization concluded a deal with American regulators at the end of 2023.

Analysts attributed Bybit's success to its competitive commissions, which are among the lowest in the industry."But this is only part of the story," as Binance and OKX offer similar terms, including different campaigns, they added.

Data: Kaiko.

A study of the structure of spot trading volume showed that the growth on Bybit was due to bitcoin and Ethereum, whose share increased from 17% to 53%.

Data: Kaiko.

Binance saw more significant interest in altcoins, while the share of the two leading cryptocurrencies decreased from 59% to 43%. Altcoin trading is usually more influenced by sentiment and tends to decrease more during bear markets, experts explained

The growing share on the Bybit spot mirrors the dynamics in derivatives. In 2023, the platform secured the second place after Binance.

Data: Kaiko.

The share of the site's open interest has remained unchanged since October, with significant growth in the first half of 2023. Analysts explained the increase in the indicator as a gain from Binance's problems with the US authorities. The change was due to OKX, whose market share decreased from 25% to 15%.

Recall that Russian users accounted for 27% of the total traffic of the Bybit cryptocurrency exchange in May, according to calculations by journalist Colin Wu.

In May, the latter announced that the platform had opened registration for Chinese users living outside the country.