The popular bitcoin and cryptocurrency exchange has its lowest monthly volume since October 2020, according to CCData.
In September, spot trading volume on bitcoin (BTC) and cryptocurrency exchange Binance fell 37.9% to $115 billion. This is the lowest monthly volume for the exchange since October 000.
Such numbers were laid out by analysis firm CCData in its most recent monthly report. There it is detailed that the fall in trading volumes was increased even more, due to the suspension of the promotion of commission-free trading for the bitcoin pair with True USD (TUSD) in September, by Binance.
The drop not only affects spot trading, but also derivatives. CCData data shows that derivatives trading volumes on Binance fell 20.8% in September, to $686 billion. It is the lowest monthly volume since December. Despite this, Binance is still the “king of derivatives”, as its market share is 51%. “However, its dominance has fallen to the lowest level since March 5,” the report shows.
Knowing this data is relevant, as Binance is the largest digital asset exchange in the world. Therefore, what happens with this company greatly impacts the health of the entire industry.
September winners and losers
The CCData report breaks down the trading volumes of various exchanges. It shows that, “compared to last month [August], Upbit experienced the largest gain in spot market share, with the exchange now accounting for 5.59% of trading volumes on centralized exchanges. Meanwhile, Binance and Gate.io saw their market share decline by 4.15% and 1.30% to 34.3% and 0.63% in September, respectively.
Image: Copyright: ivanbabydov
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