Competition Heats Up Among Exchanges
As reserves continue to fall across all major centralized exchanges (CEXs), Binance, the largest by trading volume, is losing market share to competitors.
Glassnode data shows that CEX Bitcoin reserves reached 3 million BTC in 2020, but have since fallen to just over 2 million BTC. Stablecoins also peaked in late 2022, with a small revival since June 2023 but still at levels last seen in 2021.
Bitget, a top four CEX by market share, experienced significant growth in Q2 2023 Transparency Report. The exchange’s native token, BGB, surged by 80% in trading volume, making it the best-performing CEX token in 2023. This growth solidifies Bitget’s position as a leading contender in the crypto derivatives market.
OKX outperformed Binance with a 1.9% market share growth, narrowing the gap to 15.9%. In Hong Kong, OKX onboarded over 10,000 new customers in its first month of trading.
Despite these challenges, Binance remains dominant, holding over 652,000 Bitcoin, accounting for 3.2% of the total supply.
(With inputs from Shikha Singh)
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