✨ The End of Coinbase's Era? Exchange Loses Ground in the U.S.
posted 4 Oct 2024
A recent report from Kaiko reveals that Crypto․com has become the market leader in the U.S. for platforms supporting USD transactions. With over 50% of market share in weekly trading volume, the platform has outpaced Coinbase nearly three times over.
In addition to dominating Bitcoin trading volumes in the U.S., Crypto․com now surpasses competitors like Coinbase, Kraken, and Bullish combined. The report also delves into the reasons behind Bitcoin’s volatility over the last few months.
Share of USD-compatible exchanges in Bitcoin trading in the U.S. Source: Kaiko report.
The most significant decline occurred in August 2024, one of the largest sell-offs in recent years, linked to global economic uncertainty. Despite this, several large U.S. investors were still purchasing Bitcoin during the dip.
Beyond the U.S., Kaiko analysts explored South Korea's market, where Bitcoin started trading at an unusual discount (-1%). Historically, Bitcoin has traded at a 3-5% premium on Korean platforms, with occasional markups exceeding 10%.
South Korean Bitcoin premium or discount. Source: Kaiko report.
Bitcoin ETFs, on the other hand, continue to show strong performance, with daily trading volumes exceeding $1 billion. BlackRock’s IBIT fund led the pack in Q3 2024, reaching $59 billion in turnover—three times that of its closest competitors (FBTC, GBTC).
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