GLOBAL – Amid the dynamic landscape of the cryptocurrency market, shifts in trading volume and market share are highlighting shifting patterns across exchanges. Bybit and OKX have made significant strides in the derivatives sector, capturing market shares of 11.94% and 20.2%, respectively. This comes amid increased overall activity in the cryptocurrency market, which has seen its highest overall trading volume since March 2023.
The Chicago Mercantile Exchange (CME) has also experienced a notable upward trend in derivatives volume. Futures open interest (OI) on CME has surpassed Binance, marking an important milestone for the exchange. Additionally, Ethereum futures on CME have hit their highest level since February 2022, showing renewed interest in Ethereum-based derivatives.
Although Binance’s trading volume reached $1.26 trillion in November, it faced its lowest market share since October 2020. This decline was combined with growth in Bybit and OKX, whose trading volumes skyrocketed to $375 billion and $660 billion, respectively. Displacement dynamics are not limited to derivatives; The spot market has also seen changes with Upbit joining Bybit and OKX in gaining market share while Binance saw a downturn.
In the broader context, centralized exchanges have recorded significant trading volumes, with spot trades approaching $1 trillion ($965.8 billion) and derivatives just raising more than $2 trillion ($2.58 trillion). Derivatives trading, which makes up a significant portion of crypto trades at 73.3%, reflects traders’ growing appetite for more complex financial instruments in the space electronic money.
The latest figures highlight the diversification trend in the crypto exchange landscape as traders explore different platforms for both spot and derivatives trading. The rise of exchanges like Bybit and OKX along with the performance of CME shows a competitive and evolving market where multiple players are vying for dominance in volatile market conditions.
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