- Monthly spot volume hit a low of $344 billion, down 22.9% from the previous month.
- Binance continues to dominate the global spot trading in terms of volume, even if activity has dropped.
September saw a precipitous drop in trading volume on crypto exchange Binance. A CCData analysis states that derivative trading volume on Binance hit a low of $1.25 trillion in September, down 21% from the previous month and the lowest since October 2023. As a result of the drop in trading, the exchange’s proportion of the derivatives market dropped to 40.7% at the month’s conclusion, its lowest point since September 2020.
Monthly spot volume hit a low of $344 billion, down 22.9% from the previous month and the lowest level since November 2023, as the declining trend continued. The market share of Binance hit a low of 27% due to the drop in spot trading, which was the lowest since January 2021.
Domination Continues Despite Decline
Market share for the exchange as a whole fell to 36.6% when spot and derivatives were included; this was the lowest level since September 2020. Among centralized exchanges, Binance continues to dominate the global spot trading market in terms of volume, even if activity has dropped.
In the meanwhile, among centralized exchanges, Crypto.com is still making strides forward. The company’s spot trading volume increased by 40.2% to $134 billion in September, while its derivatives volume increased by 42.8% to $149 billion. In terms of volume, Crypto.com is now the fourth biggest exchange, with a combined market share of 11% in September.
However, the general decline in activity on centralized exchanges echoed Binance’s situation. Monthly trading volume hit a low of $4.34 trillion, down 17% from the previous record set in June. In keeping with historical seasonality tendencies, which often see less trade activity in late summer, CCData reports that the reduction is occurring.
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