Study: Q1 Spot-Traded Volumes of Top 10 Exchanges Nearly Double to $4.29 Trillion

In the first quarter of 2024, spot trading volumes of the top ten centralized exchanges (cex) topped $4.29 trillion, a 95.3% increase from the previous quarter. Despite facing legal challenges Binance remained the largest cex platform with a market share of 50%. The top crypto asset manager Grayscale’s converted GBTC exchange-traded fund (ETF) was the largest spot bitcoin ETF in Q1 with $21.7 billion in assets under management.

Highest Recorded Quarterly Volume Since December 2021

In the first quarter of 2024, the top 10 centralized exchanges (cexs) recorded $4.29 trillion in spot trading volume, according to the latest Coingecko crypto industry report. This total represents a 95.3% increase from the previous quarter’s spot traded volumes. The Q1 2024 spot volumes are the “highest recorded quarterly volume” for the same top 10 since December 2021.

Despite facing legal challenges, highlighted by a $4.3 billion fine imposed by the U.S. Department of Justice, Binance remained the largest cex with a market share of 50%. The report noted that during this period, Binance saw a “noticeable increase in new listings and project launches” on its platforms.

The South Korean crypto exchange Upbit was the next most dominant cex, with a market share averaging 8.73% during the first three months of the year. Upbit was closely followed by Bybit, which had an almost identical market share. Meanwhile, the smaller-cap token-focused MEXC saw its share decrease from 5.18% in January to 2.60% in March.

Ethereum’s Share of Dex Trading Volumes Shrinks

Turning to bitcoin (BTC), which hit a new all-time high of $73,098 during the quarter, the Coingecko report noted that the top crypto asset’s average daily traded volume had climbed to $34.1 billion. This figure is nearly 90% higher than the daily average of $18 billion seen in Q3 2023.

Spot bitcoin exchange-traded funds (ETFs), which were approved by the U.S. Securities and Exchange Commission in January, are largely credited for driving the top crypto asset’s run. As shown by report data, the top crypto asset manager Grayscale’s converted GBTC ETF was the largest bitcoin ETF in Q1 with $21.7 billion in assets under management. Blackrock’s IBIT ETF was placed second with over $17.0 billion in BTC.

Concerning the decentralized exchange (dex) trading volume, the report stated that the Ethereum network’s share dropped to below 40% in the first quarter. In fact, ethereum’s share plunged to approximately 30% in February before recovering to close the quarter at approximately 37%. On the other hand, Arbitrum, which accounted for 39% of dex trading volume in January and February, saw its share plunge to 8.40%.

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