TokenInsight releases a report on centralized exchanges' bear market development status to reflect the strategies and achievements of different exchanges during the downturn. The report shows that although token prices and trading volumes have dropped significantly since last year, and many crypto companies have gone bankrupt and shut down, there are still some exchanges that have remained competitive through active operations and achieved business growth.
Data shows that the monthly spot trading volume of the Top 10 spot exchanges has dropped from a peak of more than $2 trillion in November 2021 to the current $300 billion, a drop of more than 80%. Since the second quarter of this year, the monthly spot trading volume has remained below $400 billion. The monthly derivatives trading volume of the Top 10 derivatives exchanges also fell from a peak of more than $3.6 trillion to approximately $1.69 trillion, a drop of more than 50%.
However, compared with the beginning of this year, as of August 31, most exchanges had their asset holdings increased. Binance, which holds the largest amount of funds, rose by 11.6%. MEXC, Bybit, and Bitget all rose by more than 50%. Among them, MEXC had the largest increase, approximately 130.7%.
In addition, many exchanges still achieved business breakthroughs in the bear market. Here, TokenInsight lists 3 exchanges as examples:
Although facing huge regulatory pressure in the US, Binance has tapped into many other regions this year, including obtaining regulatory licenses in Sweden, Poland, France, the United Arab Emirates, El Salvador, and more, and launching an exchange in Japan. Meanwhile, Binance is also focusing on developing the BNB Chain ecosystem and has launched the decentralized storage blockchain BNB Greenfield on testnet and the Layer2 network opBNB on mainnet.
Bitget's business has grown this year, with its share of average daily volume rising from 2% at the beginning of the year to 4%, and its derivatives volume share increasing by 182%. Bitget partnered with football legend Leo Messi in October last year, and completed multiple investments and financings this year to expand its ecosystem. Furthermore, $BGB is one of the best-performing exchange tokens in 2023.
BitMart continues its featured service, vote listing, during the bear market. In 2023, BitMart held vote listings for a total of 37 cryptocurrencies. As of the end of August, 18 of the top-performing assets have been passed on and are now tradable. In August this year, BitMart, together with Binance, Coinbase, Dapper Labs, and OpenSea, was named one of the top 200 global FinTech companies.
To learn more, please read: The Diverse Landscape of Exchanges in a Bear Market
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