Crypto exchange trading volume report for the second quarter of 2024

Author: TI Research Source: Tokeninsight

2024 Q2 Crypto market monthly trading volume continues to decline, and Bitcoin prices fell below $55,000 in June. In mid-May, the approval of the ETH spot ETF caused the price of ETH to rise by more than 20% in a single day. At the same time, the price of Bitcoin increased by 6%, and the entire market trading volume rose sharply, exceeding $300B. However, this growth did not bring the same sustained advantage as the Bitcoin spot ETF in Q1. Within just a few days, the price of Bitcoin and market sentiment fell back, and trading volume also fell to $200B.

In such a volatile market, how is the exchange situation? We brought you the 2024 Q2 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 that the changes in the data will help everyone understand the changes in the exchange market.

2024 Q2, the total trading volume of the Top 10 exchanges was approximately $16.3T, down 9.2% from the previous quarter.

2024 Q2 Top 10 exchanges total trading volume was $16.3T, down 9.2% from the previous quarter. The price of Bitcoin fluctuates repeatedly between $60,000 and $70,000.

Based on the Fed's expected interest rate cut timing and current market sentiment, the total exchange trading volume in Q3 2024 will most likely be in the $15-20T range, with no significant increase. As the net inflow/outflow of Bitcoin spot ETFs changes, the price of Bitcoin will most likely continue to fluctuate between $60,000 and $70,000.

Binance's market share declined in Q2, but it still leads the market; Bitget's share increased the most, reaching 1.91%

Binance's total trading volume in Q2 was approximately $6.8T, and its market share fell by 2.33% from the previous quarter, but it still leads the entire market with a share of over 40%. BingX's market share also declined significantly, down 2.2% from Q1.

Among the remaining exchanges, OKX, Bybit, Bitget, BitMart, Gate, and HTX all saw their market shares increase. Among them, Bitget's share increased the most, nearly 2%.

The spot trading volume of most exchanges has declined; but the spot proportion of  Gate has increased significantly, up to  11%

Among the Crypto exchanges that provide both spot and derivative services, the spot trading volume of most exchanges has declined in Q2. Among them, KuCoin has the largest decline, up to 7.5%. On the contrary, the exchange with the largest increase in spot trading volume was Gate, which reached 11%. Currently, there are two exchanges with a spot trading volume of more than 50%, namely HTX and Gate. On the contrary, BingX has the smallest spot trading volume, only about 7%.

In Q2, affected by the frequent fluctuations in the Crypto market, the overall price fluctuation of cryptocurrencies was at a high level. Affected by the price fluctuations of Bitcoin and ETH, although the development trend of popular ecosystems such as TON and Solana is positive, the price fluctuations of most Altcoins are quite drastic, and they have experienced multiple declines and rebounds after the sharp rise at the end of the last quarter. This has led to a decline in the proportion of spot trading volume on exchanges. Traders prefer high-frequency contract trading rather than spot trading.

2024 Q2 Top 10 Exchanges’ total spot trading volume was $3.4T, down about 16% from the previous quarter

2024 Q2 The spot market entered a flat period, and trading heat gradually declined, falling from $80B at the end of the previous quarter to $40B at the beginning of the year. In Q2, the total spot trading volume of the exchange was about $3.4T, down about 16% from $4.1T in the previous quarter.

Based on the current market volatility and overall trading enthusiasm, the spot trading volume in Q3 is likely to continue to decline slightly and remain between $2-3T.

Q2 's total derivatives trading volume declined slightly from the previous quarter; daily trading volume fluctuations fluctuate with the price trend of BTC

2024 Q2 derivatives market total trading volume was $12.9T, down about 7.4% from $13.9T in the previous quarter, but up more than 92% year-on-year from 2023 Q2.

After the peak of daily derivatives trading volume in mid-Q1, as the price of Bitcoin fell to $70,000, the daily derivatives trading volume quickly fell from a high of $473B to below $300B. In mid-May, the price of Bitcoin fell to about $60,000, and the daily derivatives trading volume fell to below $100B.

Binance ranks first in the market with a 30% open interest share; the open interest share of most exchanges has declined

In Q2 2024, the open interest share of the top 10 derivatives exchanges has changed significantly compared with the previous quarter. The open interest share of most exchanges has declined; while the shares of Bitget, BitMart and HTX have increased significantly. Among them, Bitget had the largest increase of about 5.6%, followed by BitMart, which increased by about 2.8%. Binance, KuCoin and BingX fell by more than 2%. The share changes of other exchanges were about 0.5%-1%.

Most platform coins performed poorly in  Q2 , with only  BGB  and  MX  experiencing positive price changes

Affected by the price fluctuations of Bitcoin and the overall market situation, most platform coins performed poorly in 2024 Q2. After the overall rise in Q1, the prices of most platform coins fluctuated greatly, and the overall volatility showed a downward trend. Compared with the prices at the end of the previous quarter, only BGB and MX had positive price changes; the rest were negative.

The platform coin with the largest price increase in the quarter was BGB, with an increase of 10.9%. Among the remaining platform coins, MX, LEO, BNB and KCS performed better than BTC; GT, OKB and CRO performed worse than BTC.