As we recently concluded the second quarter of the year, it could be fun to take a look at what exchanges did capture the most liquidity and pushed the most volume during this period.
This might be interesting as we want to be as secure as we can be and exchanges that do much volume can be considered more secure. Although this is not always the case, if we think of FTX. But nevertheless, let’s look at some big players in the second quarter of 2024.
Which Exchange had the Biggest Market Capital Inflows and Volumes
CryptoRank data shows the leading centralized exchanges by capital inflow for Q2 2022 are Binance ($908 million), Bitfinex ($709 million), Bitget ($561 million), and Bybit ($465 million).
When we take a closer look, the cryptocurrency exchange landscape is still being led by Binance, which not only has an impressive adjusted 24-hour trading volume of $13.52 billion but also a reported volume of $14.37 billion and pushed.
With a market share of 32.08%, Binance, without its founder CZ, still remains king in crypto exchange land. Binance’s financial health is robust with:
- Total Reserves: $82.73B
- Percentage in Stablecoins: 27.64%
For second and third place we recognize Bybit and HTX that show adjusted volumes of $3.66 billion and $2.83 billion a day respectively. Bybit can be seen as the second biggest exchange that capitalized on the uncertainty that Binance experienced after the regulations:
- Bybit Total Reserves: $8.49B
- Percentage in Stablecoins: 28.54%
HTX, though smaller,
- Total Reserves: $3.69B
- Percentage in Stablecoins: 0.12% which is not that big.
Coinbase, which is the first exchange based in the United States, displays significant activity with both adjusted and reported volumes amounting to $2.23 billion. Almost concurrent with Crypto.com, that is located in the Cayman Islands, and reports volumes of around $2.20 billion with reserves details:
- Total Reserves: $3.23B
- Percentage in Stablecoins: 7.76%
In the futures market, Binance Futures leads with an adjusted daily volume of $15.69 billion and a reported volume of $54.85 billion. Other major players in this segment include OKX Futures and Bybit Futures. OKX, not previously detailed in spot trading, has substantial reserves:
- Total Reserves: $15.30B
- Percentage in Stablecoins: 40.98%
Smaller platforms such as MEXC Futures also rank in the top 10 of futures trading. For more information on trading on Mexc, you can check out.
Which Assets are Most Actively Traded on Binance?
On Binance, the trading volume is predominantly led by Bitcoin (BTC), which accounts for 34.41% of all trades. Following BTC, Tether (USDT) captures 25.21% of the trading activity. Binance Coin (BNB) is another key player, making up 13.57% of trades.
Conclusion
In summary, the second quarter of 2024 showcased significant liquidity and volume movements within the cryptocurrency exchange market. Binance led the pack with the highest capital inflows and trading volumes, demonstrating robust financial health and a dominant market share despite regulatory challenges and the absence of its founder.
Bybit and HTX also emerged as major contenders, capitalizing on market uncertainties and showing notable daily adjusted volumes.
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