Exchange S2 Market Report: Crypto.com Stands Out, Bybit the Biggest Winner Since FTX Collapse?

With more than half of 2024 already behind us, The Block data indicates that Crypto.com and Bybit appear to have emerged successfully in the competitive North American market and global offshore exchanges, both achieving stable and significantly effective growth in trading volume in the first half of this year.

USD Market: Coinbase Maintains Lead, Crypto.com Stands Out

Looking at the largest global cryptocurrency markets, the publicly-traded exchange Coinbase remains the top choice for institutional investors, holding its ground in the North American market. Despite a slowdown in market activity in the second quarter of the cryptocurrency market, Coinbase has maintained a significant trading volume, with an average monthly spot trading volume of $72.3 billion.

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Notably, Crypto.com, benefiting from last year's bull market, has seen the largest increase in trading volume and has managed to sustain its trading volume despite the subsequent decline in market activity. Specifically, since March of this year, Coinbase's spot trading volume has decreased by 62.2%, while Crypto.com has only decreased by 33.2%.

Upon examining the market share chart based on USD spot trading volume, it is evident that Crypto.com has also experienced significant growth, rising from 3.89% to 24.49% since last year.

It is noteworthy that major exchanges such as Kraken and LMAX Digital have also lost market share to Crypto.com, each losing between 5 to 8 percentage points.

Asian Market: Bybit Holds Second Place for Five Consecutive Months

In the Asian market, Binance remains the largest exchange and continues to maintain a stable and ample trading volume despite facing an unresolved lawsuit with the SEC, with an average monthly spot trading volume of $555 billion.

However, Bybit has consistently been the second-largest exchange globally in terms of spot trading volume for five consecutive months. Its global market share has steadily increased from 4.8% to an impressive 10.6% since the same period last year, reaching a historical high.

This trend is also evident in the chart of spot trading volume for non-USD exchanges, where Bybit and Crypto.com have followed a similar growth trajectory and successfully retained a significant portion of their trading volume despite the decline in market activity in recent months.

Interestingly, both Crypto.com and Bybit have announced support for Apple Pay in their card payment options in recent months, in February and June of this year respectively; the latter has been more proactive in promoting payment services in the first half of this year, launching the physical card Bybit Card based on Mastercard.

The Block: ByBit Emerges as Biggest Winner After FTX Fallout

Addressing this, The Block's article "ByBit Emerges as Biggest Winner After FTX Fallout" highlights ByBit's dominant position in spot exchanges following the collapse of FTX, showing a more significant growth compared to the former third-place OKX.

Bybit Announces Provision of Cryptocurrency Trading Services for Overseas Chinese Users

However, the offshore exchange still faces regulatory challenges, having exited the markets in Canada, the UK, and Hong Kong in May and September last year and June this year. Ben Zhou, CEO of ByBit, emphasized that the company is expanding beyond Europe, focusing on regions such as Brazil, Turkey, and Africa.

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