Crypto Exchange Report Q2 2024

Throughout Q2, the monthly trading volume in the crypto market continued to decline, and Bitcoin prices dropped below $55,000 in June. In mid-May, the approval of the ETH spot ETF caused ETH prices to surge by more than 20% in a single day. BTC prices grew by 6%, and the overall market trading volume spiked to over $300 billion. However, this growth did not provide sustained advantages like the BTC spot ETF did in Q1. Within a few days, BTC prices and market sentiment receded, bringing the trading volume down to $200 billion.

Amidst such volatile conditions, how did the exchanges perform? We're right on time with our Exchange Quarterly Report. This report summarizes the performance of the exchange industry, focusing on the top 10 centralized exchanges. We hope to help you understand the dynamics in the exchange market through data changes.

Q2, the Top 10 exchanges totaled $16.3T in volume, a decrease of 9.2% compared to the previous quarter

In Q2 2024, the total trading volume of the top 10 exchanges was $16.3 trillion, a 9.2% decrease compared to the previous quarter. Bitcoin prices fluctuated between $60,000 and $70,000.

Based on the Federal Reserve's projected interest rate cuts and current market sentiment, the total trading volume for exchanges in Q3 2024 is likely to remain within the $15-$20 trillion range, without significant growth. Additionally, Bitcoin prices are expected to continue fluctuating between $60,000 and $70,000, influenced by the net inflows and outflows of the Bitcoin spot ETF.

Q2, Binance’s market share saw a decline but continued to lead the market; Bitget saw the largest increase in share, rising by 1.91%

Q2, Binance's volume was nearly $6.8T, with its share declining by 2.33% compared to Q1. Despite this drop, Binance still leads the market with over 40% of shares. BingX also saw a significant decline in shares, down by 2.2% from Q1.

Among the remaining exchanges, OKX, Bybit, Bitget, BitMart, Gate, and HTX all experienced growth in share. Bitget had the largest increase, with its share growing by nearly 2%.

Q2, the share of spot volume decreased for most exchanges. However, Gate saw a significant increase in its spot share, with a growth exceeding 11%

Q2, the share of spot trading volume decreased for most exchanges. KuCoin saw the largest decline, dropping by 7.5%. Conversely, exchanges such as Gate.io, HTX, Bitget, and Bybit experienced increases in their spot share. Gate.io had the largest increase, reaching 11%. Currently, only two exchanges have spot volumes accounting for over 50%: HTX and Gate.io. In contrast, BingX has the lowest spot share, around 7%.

During Q2, influenced by frequent market fluctuations, the overall cryptocurrency price volatility remained high. Despite positive developments in popular ecosystems like TON and Solana, most altcoins experienced significant price swings following the sharp rise at the end of Q1, including multiple declines and rebounds. This contributed to the decline in spot share on exchanges, as traders leaned more towards high-frequency derivative trading rather than spot trading.

Q2, the total spot volume for the top 10 exchanges amounted to $3.4T, a decrease of 16% compared to the previous quarter

In Q2, the spot market entered a period of stabilization, with trading activity gradually declining from $80B in Q1 to $40B at the beginning of the year. During Q2, the total spot volume across exchanges was approximately $3.4T, marking a decrease of about 16% compared to the $4.1T in Q1.

Based on the current market volatility and overall trading activity, there is a probability that spot volumes in Q3 will continue to experience a minor decline, remaining in the range of $2T-$3T.

Q2, the derivatives trading volume saw a slight decline compared to Q1. The daily trading volume fluctuated in tandem with Bitcoin price movements

Q2 2024, the total derivatives trading volume was $12.9T, a decrease of approximately 7.4% from the previous quarter's $13.9T, but an increase of over 92% compared to Q2 2023.

Following the peak in daily derivatives trading volume in mid-Q1, the volume quickly dropped below $300B as Bitcoin's price fell below $70,000. By mid-May, with Bitcoin's price declining to around $60,000, the daily derivatives volume hit a low of under $100B.

Q2, Binance ranked first in the market with a 30% open interest share. Most other exchanges saw a decline in their open-interest shares

Q2 2024, there were significant changes in the open interest shares among the top 10 derivatives exchanges. Most exchanges saw a decline in their shares, while Bitget, BitMart, and HTX experienced significant increases. Bitget had the largest increase, approximately 5.6%, followed closely by BitMart with an increase of about 2.8%. Binance, KuCoin, and BingX saw declines of over 2%. The remaining exchanges experienced changes in their shares ranging from 0.5% to 1%.

Most exchange tokens performed poorly in Q2, with only BGB and MX showing positive price movements

Due to fluctuations in Bitcoin prices and overall market conditions, most exchange tokens performed poorly in Q2 2024. After an overall rise in Q1, many exchange tokens experienced significant price volatility, albeit generally trending downward. Compared to the Q1 end, only BGB and MX showed positive price changes; the rest experienced negative movements.

The exchange token with the highest quarterly price increase was BGB, rising by 10.9%. Among the remaining tokens, MX, LEO, BNB, and KCS outperformed BTC in terms of price performance, while GT, OKB, and CRO performed worse than BTC.