NEW: Kaiko Reports Bybit Climbs Above Coinbase, Secures Second Place in Volume

Recent data from Kaiko reveals that Bybit has overtaken Coinbase to become the world’s second-largest crypto exchange by volume, now holding a 16% market share, up from 8% since October 2023. This growth is fueled by competitive fees and the January introduction of spot bitcoin ETFs, which boosted crypto trading volumes across the board. By contrast, Binance, while still leading, has seen its dominance wane, dropping from 60% to 54% in market share.

Bybit’s rise is particularly pronounced in the spot markets for Bitcoin and Ethereum, where its shares have escalated dramatically. Bitcoin trading on Bybit soared from 10% to 31% of the market, and Ethereum from 7% to 22%, overtaking significant volumes previously held by Binance, which now accounts for 43% of Bitcoin and Ethereum spot volumes, down from 59%.

In derivatives, Bybit has solidified its number two position, benefiting from regulatory challenges faced by Binance. Meanwhile, OKX has seen a decrease in its market share from 25% to 15%. These shifts underscore a growing preference among traders for platforms that combine low transaction costs with high market liquidity.


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