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Why Is Binance Dominating Both Crypto Trading Volume?

2 mins
Updated by Ali M.
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In Brief

  • Binance’s trading volume in derivatives and spot is more than the trading volume of all the exchanges combined.
  • In the spot, only Coinbase, OKX, and Upbit exchanges have a trading volume dominance of more than 5%.
  • The CEO of CryptoQuant believes that whales are accumulating BTC on Binance.
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The Binance exchange has more trading volume than all the exchanges combined in the last 24 hours. Why are traders preferring Binance?

The spot volume dominance of Binance is at 55.1%, while derivatives volume dominance is at 54.4%. The closest competitor is the Upbit exchange, with 6.1% spot trading volume dominance. In the derivates segment, the OKX exchange comes closest with a trading volume dominance of 14.1%.

Binance launches zero-fee Bitcoin trading

The platform announced zero fees on trading 13 Bitcoin spot pairs to celebrate its five-year anniversary. 

Bitcoin (BTC) makes a major chunk of the trade volume of the entire crypto market. Thus, the zero fees on BTC trading must be significantly contributing to the overall dominance of spot trading volume. Furthermore, the traders that are lured towards the exchange to trade BTC might also consider trading altcoins for the sake of convenience and easy manageability of funds.

The community believes that the exchange is utilizing bear markets to gain more market share because they can afford it by using 0 fees, while competitors can’t. 

Bitcoin accumulation by whales

According to the CEO of CryptoQuant, whales are accumulating BTC on Binance. Along with the increase in spot trading volume dominance, more than 48,000 BTC were withdrawn from the exchanges last week. Do such activities indicate the bottom for crypto markets? 

bitcoin whale Binance

Binance global expansion

The bear markets are not stopping Binance in their global expansion plans. Last month, the Changpeng Zhao-led exchange successfully registered as a Financial Service Provider in New Zealand. Recently the company also registered in France, Spain, and Italy. 

The global expansion must have surely brought in new traders for the exchange, thus increasing the trading volume dominance.

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.
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