In July, the spot trading volume of the South Korean cryptocurrency exchange Upbit outpaced both Coinbase and OKX for the first time, according to data from CCData released on August 3rd.
During July, Upbit's spot trading volume surged by 42.3% to reach $29.8 billion. Meanwhile, Coinbase and OKX experienced declines in trading volumes, with drops of 11.6% and 5.75%, resulting in volumes of $28.6 billion and $29 billion, respectively.
This shift in the trading landscape now positions Upbit as the second-largest exchange in terms of trading volume, just after Binance. Binance remains the dominant cryptocurrency spot exchange, retaining a trading volume of $208 billion. However, Binance's market share has been steadily decreasing For the past five months, currently resting at 40.4%, the lowest level since August 2022. Previously, Binance had controlled over half of the market, with estimates around 57.5%.
The report also highlighted that, despite some exchanges observing an uptick in trading volume, centralized exchanges (CEX) experienced their second-lowest trading volume levels since 2021.
Following the collapse of FTX in November 2022, traders shifted their focus to centralized exchanges (CEX) or decentralized exchanges (DEX) like Binance for trading. Subsequently, numerous centralized exchanges, including major players like Binance and Coinbase, found themselves entangled in significant legal disputes with regulators. As a consequence, DEX trading volume saw a remarkable 444% surge in June as traders sought alternative platforms.
