Crypto Exchange Report 2023Q1

TI Research

With the price of Bitcoin rising from $16,000 at the beginning of the year to a high of $30,000, it looks like winter is over for the Crypto industry. But when will the bull market actually arrive? Perhaps the most intuitive answer comes from the data on the exchanges.

New Year, new beginnings. Crypto market cap grew from $831.8b to $1.24t in Q1, an increase of nearly 50%. The price of Bitcoin rose from $16,000 at the beginning of the year to a high of $30,000, an increase of nearly 100%. As one of the most important segments of the Crypto industry, the changes in trading volume and market share of exchanges are the most direct indication of the industry's rise and fall. We have summarized the data performance of Top10 exchanges, hoping to understand the changes in the exchange market through the data this quarter.

In 2023 Q1, the Total Trading Volume of the Top 15 Exchanges Reached $10.8 Trillion, an Increase of Over 40% Compared to 2022 Q4

In 2023 Q1, the total trading volume of the Top 15 exchanges was $10.8 trillion, up approximately 40% compared to the previous quarter. The rebound in Bitcoin price was the most critical factor driving the active trading volume.

The day with the highest daily volume was 3.14 - 3.15, when the Bitcoin price spiked from around $20,000 to just above $25,000.

Binance still holds the largest market share with 55% of trading volume, but this is a slight decline from the 60% market share in 2022 Q4.

In terms of volume, the top 3 exchanges are Binance, OKX, and Bybit, exactly the same as last quarter.

In 2023 Q1, the Spot Trading Volume of the Top 10 Exchanges Was $2.4 Trillion, Which Increased By 16% Compared to 2022 Q4

Spot trading volume reached $2.4 trillion in 2023 Q1, up about 16% from 2022 Q4, but still not as much as in the previous quarters. The market rebound in the first half of the quarter drove the spurring of higher volumes, but it did not last long. Trading volumes fell sharply again at the end of the quarter. Binance still leads with more than 50% of the spot market share, OKX's share improved slightly to 7% in March from 5%, and Gate recovered to 5% from 3%.

In 2023 Q1, the Derivative Trading Volume of the Top 10 Exchanges Was $7.8 Trillion, Which Increased By 30% Compared to 2022 Q4

2023 Q1 derivatives trading volume was $7.8 trillion, almost matching the level of 2022 Q3 and up 30% from Q4.

In addition to the rebound in Bitcoin price, many trending events occurred in Q1, such as the Hong Kong coins and $ARB airdrop, have boosted derivatives trading activity.

Binance, OKX, and Bybit were the top 3 exchanges in terms of market share, together accounting for 85% of the market.

The Majority of the Exchange Tokens Closed Higher in Q1, With Only LEO and HT Experiencing a Decline in Price

In 2023 Q1, most exchange tokens did not outperform Bitcoin. Only BGB outperformed both Bitcoin and Ethereum with a 120% gain.

Other than BGB, GT and OKB had relatively higher gains, both over 50%.


Exchange Token




TI Research

TokenInsight is a data and research organization for the digital asset market. TI provides comprehensive asset-related data and comprehensive and timely information and research services for digital assets.

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