Odaily Planet Daily reported that in 2022, Binance accounted for 75% of the market share among a series of platforms including major Asian players such as Upbit, Huobi HTX, Bybit and OKX, but according to The Block Research, this This figure has gradually declined throughout the year, falling to 54% in August. Incomplete data for September suggests Binance’s market share will fall further below 51%.
Binance’s decline in market share was accompanied by an overall decline in trading volume. Spot trading volume across all exchanges was just $423 billion in August, the lowest since 2020.
As Binance has declined this year, Huobi HTX and Upbit have gained attention, with the latter currently accounting for 14.5% of trading volume. (The Block)