Crypto Exchange Report 2023Q3

TI Research

Q3 saw a downward trend for the market as a whole, with the price of Bitcoin dropping from $30,000 to $27,000. So how are the exchanges doing? Let’s find out together.

Unlike Q1, when the market was soaring, and Q2, when it was quiet, Q3 saw a downward trend for the market as a whole, with the total market cap of the crypto market dropping from $1.2T to around $1.1T, and the price of Bitcoin dropping from $30,000 to $27,000.

So how are the exchanges doing after another quarter? We're right on time with our Exchange Quarterly Report. In the report, We summarized the data performance of the exchange industry in the report, selected the top 10 centralized exchanges, and hope to help you understand the changes in the exchange market through the changes in the data.

2023 Q3 Top 10 Exchanges Totaled $6.1T in Volume, Down 23% From Last Quarter

2023 Q3 Top 10 exchanges had a total trading volume of $6.1T, down 23% from Q2's $8.3T. Q2 also saw a 23% drop from Q1's $10.4T. Based on this trend, the total trading volume in 2023 Q4 will be less than $5T.

In 2023 Q3, the Bitcoin price continued the low volatility of Q2, remaining in the $25,000-$30,000 range.

2023 Q3 Binance Continues to Lead in Market Share of Total Volume, OKX, Bybit Grow Over 1%

Binance's total volume in Q3 was $3.2T, a 2% decrease in market share from Q2, but still leading with more than half of the market.

Exchanges such as OKX, Bybit, Bitget, Coinbase, and Upbit increased their market share in Q3, with OKX and Bybit increasing their share by more than 1%.

Volume in September Was $1.67T, a New One-Year Low

The monthly total volume from October 2022 to September 2023 averaged $2.64T, while the volume of each natural month in 2023 Q3 fell short of the yearly average. September 2023's monthly volume of $1.67T was already lower than December 2023's $1.77T, the lowest in the past year. Volume has fallen continuously since June 2023, averaging $0.28T per month, and is on track to fall below $1T in January 2024 at this rate. Upbit's volume fell below $10B in June but rose back to $33B in September as the regulatory situation slowed down. Otherwise, no other exchanges saw a single month of volume growth in Q3. The average monthly volume decline across all exchanges was almost in line with the overall market, at around 11%.

Coinbase Shares Briefly Topped $100 in July, but Then Quickly Fell Back to Around $80

Coinbase reported a net loss of $2.6B for the whole year of 2022, and with a series of layoffs, shutdowns, and other self-help measures, the net loss for Q1 and Q2 of 2023 has narrowed to $79M and $97M. Coinbase's stock briefly topped $100 in July when the Bitcoin price hit $30,000, but quickly fell back to around $80. Despite the downturn and the poor stock price, Coinbase is still actively exploring the market: In August, Coinbase launched Layer2 network Base. In September, Coinbase announced plans to launch lending service for institutional users.

Click to check "The Diverse Landscape of Exchanges in a Bear Market”, and learn more about how exchanges are faring in the bear market.

All Exchange Tokens Experienced a Decline in Q3, $OKB and $BGB Witness Relatively Smaller Decreases

As the market cools, all exchange tokens recorded declines in Q3. Notably, the prices of OKX's $OKB and Bitget's $BGB experienced smaller reductions, posting losses of -3.6% and -6.8%, respectively.

$LEO, $BNB, and $GT performed roughly on par with $BTC and $ETH, while $KCS experienced a more substantial decline, finishing at -31.1%.

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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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