Source: TI Research
In the third quarter of 2024, the cryptocurrency market experienced significant volatility. In early August, the cryptocurrency market saw a notable sell-off after the collapse of the yen carry trade triggered by an unexpected rate hike by the Bank of Japan sent global financial markets into turmoil. Risk aversion in global financial markets soared, asset prices fell sharply in a short period of time, and Bitcoin once fell to $49,000. Additionally, large forced liquidations in the market further intensified the selling pressure. However, investor sentiment gradually recovered as the Federal Reserve cut interest rates and global liquidity increased, and the market recovered towards the end of the quarter, with Bitcoin rebounding to $64,000.
In such a volatile market, what is the situation of the exchange? We bring you the 2024 Q3 exchange quarterly report on time. In the report, we summarized the data performance of the exchange industry and selected the Top 10 centralized exchanges. We hope to help everyone understand the changes in the exchange market through changes in data.
Total of the top ten exchanges Trading volume was $15.1 trillion, a decrease of 6.74% from the previous quarter
In the third quarter, the total trading volume of the top ten exchanges was US$15.1 trillion, an increase from the second quarter dropped by 6.74%. The market's continued downward trend is mainly affected by global macro factors. However, sentiment turned positive after the Federal Reserve cut interest rates by 50 basis points. Trading volumes are expected to rebound in the fourth quarter, potentially reaching $20 trillion, given the pick-up in sentiment and improving macro environment.
In the third quarter, Bitcoin prices fluctuated greatly. After falling below $50,000 in early August, the price quickly recovered and ended the quarter at around $64,000. As liquidity improves in the U.S. and China, Bitcoin is expected to rebound above $70,000 in the fourth quarter, with a strong chance of reaching new all-time highs.
Binance ’s market share has declined, but it still leads the market
In the third quarter, Binance's trading volume approached US$5.6 trillion, and its market share dropped by 4.51% from the second quarter. Despite the decline, Binance maintains its dominance with a market share of over 37%.
Among other exchanges, MEXC's market share increased significantly by 3.6%, followed by Bybit, which increased by 1.84% from the second quarter.
The proportion of spot trading volume on most exchanges has declined; only Bybit has increased
In the third quarter, the proportion of spot trading volume compared to derivatives trading volume on most exchanges has declined. Bybit was the only exchange to see a slight increase in its share of spot trading volume. As price volatility continues, market focus shifts to more speculative areas, particularly memecoins, which has led to a decline in spot trading volumes across exchanges.
Traders are increasingly turning to high-frequency derivatives trading, seeking faster returns amid heightened market volatility.
The total spot trading volume of the top ten exchanges was 2.7 trillion, a decrease of 21%
The third quarter of 2024, The spot market continued its downward trend in the second quarter, with average daily trading activity falling from $37 billion in the second quarter to $29 billion in the third quarter. Total spot trading volume across exchanges in the third quarter was approximately $2.7 trillion, down 21% from $3.4 trillion in the second quarter.
However, as market sentiment improves and global liquidity increases, spot trading volumes are expected to rebound in the fourth quarter, possibly reaching the range of $3.5 trillion to $4 trillion.
The trading volume of derivatives continues to decline, with the average daily trading volume below 1500 billion dollars
In the third quarter, total derivatives trading volume was US$12.8 trillion, compared with US$13.1 trillion in the previous quarter down about 2.3%. The downward trend that began in the second quarter reflects continued consolidation in the crypto market.
Except for a brief surge in early August due to macroeconomic fluctuations, average daily trading volume remains below $150 billion, comparable to second quarter levels.
Binance ranks first in the market with 30% open interest share
In the third quarter, the share of most exchanges declined, although Binance slightly fell by 0.25%, but still maintained its leading market share. BingX had the largest decline, reaching 1.27%. HTX recorded the largest gain, rising 2.7%, followed by Gate, which rose 1.3%.
Affected by macro fluctuations, open interest on all exchanges fell sharply in early August. However, Binance’s open interest fell less sharply, causing its market share to rise briefly during this period.
Most platform coins performed poorly in Q3 , and only GT ’s price performance was better than that of Bitcoin
Affected by the overall market weakness, most exchanges The coin underperformed in the third quarter, continuing a downward trend that began in the second quarter.
GT performed particularly well, rising 16.5% as of the end of the third quarter, better than Bitcoin and other exchange tokens; BNB, the fourth largest market capitalization, failed to keep up with Bitcoin increase, but still up 4.8%. In addition, OKB rose 1.4% and LEO rose 0.9% to achieve positive growth. In comparison, other tokens underperformed, with MX having the largest decline, with prices down 22.6% from the end of the second quarter.
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