The second quarter of 2024 witnessed a continued decline in monthly trading volume across the cryptocurrency market, with Bitcoin’s price dropping below $55,000 in June. A significant, albeit short-lived, surge occurred in mid-May following the approval of the spot Ethereum ETF, which triggered a more than 20% single-day price increase for ETH. Bitcoin also saw a 6% rise, contributing to a sharp spike in overall market trading volume, which exceeded $300 billion. However, this rally lacked the sustained impact seen with the Q1 Bitcoin spot ETF approvals. Within days, Bitcoin’s price and broader market sentiment cooled, and trading volumes receded to approximately $200 billion.
Amid these volatile conditions, how did crypto exchanges perform? This report offers a detailed analysis of the exchange landscape in Q2 2024, summarizing industry-wide data and focusing on the top 10 centralized exchanges. By examining these metrics, we aim to provide clarity on the shifting dynamics within the crypto trading sector.
Overall Trading Volume: Q2 Performance
In Q2 2024, the total trading volume for the top 10 cryptocurrency exchanges was approximately $16.3 trillion, marking a decrease of 9.2% compared to the previous quarter. Bitcoin’s price oscillated frequently within the $60,000 to $70,000 range during this period.
Given the Federal Reserve’s projected timeline for interest rate cuts and the current market mood, it is anticipated that total exchange trading volume in Q3 2024 will likely remain within the $15–20 trillion range without significant growth. Bitcoin’s price is expected to continue fluctuating between $60,000 and $70,000, influenced by changes in net inflows and outflows from Bitcoin spot ETFs.
Exchange Market Share Shifts
Binance remained the market leader in Q2, with a total trading volume of around $6.8 trillion. However, its market share declined by 2.33% from the previous quarter. Despite this dip, Binance continues to dominate with over 40% of the total market share. BingX also experienced a notable reduction, losing 2.2% of its market share since Q1.
In contrast, several other exchanges saw their market shares increase, including OKX, Bybit, Bitget, BitMart, Gate, and HTX. Among these, Bitget recorded the most significant growth, with its share rising by nearly 2%.
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Spot vs. Derivatives Trading
Most major cryptocurrency exchanges that offer both spot and derivatives trading witnessed a decline in the proportion of their spot trading volumes during Q2. KuCoin saw the most substantial drop, at 7.5%. On the other hand, Gate stood out with the largest increase in spot trading share, which rose by 11%. Currently, only two exchanges—HTX and Gate—have spot trading volumes that constitute more than 50% of their total activity. At the opposite end, BingX had the smallest proportion of spot trading, at roughly 7%.
The high volatility observed in the crypto market during Q2 played a significant role in these shifts. While positive developments in ecosystems like TON and Solana were notable, the prices of most altcoins experienced sharp fluctuations. After significant gains at the end of Q1, many altcoins underwent several cycles of decline and recovery. This environment encouraged traders to engage more in high-frequency derivatives trading rather than holding spot positions, leading to the overall decline in spot trading share.
Spot Market Performance
The spot market entered a calmer phase in Q2 2024, with trading activity gradually declining from $80 billion at the end of the previous quarter to around $40 billion, levels last seen at the beginning of the year. The total spot trading volume across the top 10 exchanges was approximately $3.4 trillion, a decrease of about 16% from the $4.1 trillion recorded in Q1.
Given the ongoing market volatility and the general cooling of trading interest, it is probable that spot trading volumes will experience a further slight decline in Q3, likely stabilizing between $2 trillion and $3 trillion.
Derivatives Market Analysis
The total derivatives trading volume in Q2 2024 was $12.9 trillion, a slight decrease of 7.4% from the $13.9 trillion recorded in Q1. However, this still represents a substantial year-over-year increase of more than 92% compared to Q2 2023.
Daily derivatives trading volume closely mirrored Bitcoin’s price movements. After a peak in mid-Q1, as Bitcoin’s price fell from $70,000, daily derivatives volume rapidly declined from a high of $473 billion to under $300 billion. In mid-May, when Bitcoin’s price dropped to around $60,000, single-day derivatives trading volume even fell briefly below $100 billion.
Open Interest Across Exchanges
Open Interest (OI) is a key metric reflecting the total value of unsettled derivative contracts. In Q2 2024, the distribution of OI among the top derivatives exchanges showed notable changes. While most exchanges saw their share of open interest decrease, Bitget, BitMart, and HTX recorded significant gains. Bitget led with the largest increase of approximately 5.6%, followed by BitMart with a 2.8% rise.
Exchanges such as Binance, KuCoin, and BingX experienced declines exceeding 2%. The remaining platforms saw smaller fluctuations in their OI shares, generally within the 0.5% to 1% range.
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Platform Token Performance
The performance of exchange-based platform tokens was largely negative in Q2 2024, influenced by Bitcoin’s price volatility and the overall market sentiment. After a broad upward trend in Q1, most platform tokens experienced significant price swings with a general downward trajectory. By the end of Q2, only BGB (Bitget Token) and MX (MX Token) registered positive price changes compared to the end of Q1; all others showed negative returns.
BGB was the top performer, with a quarterly price increase of 10.9%. Among the other tokens, MX, LEO, BNB, and KCS outperformed Bitcoin in terms of price change. Conversely, GT, OKB, and CRO underperformed relative to BTC.
Frequently Asked Questions
What was the total crypto exchange trading volume in Q2 2024?
The top 10 cryptocurrency exchanges recorded a combined trading volume of approximately $16.3 trillion in the second quarter of 2024. This figure represents a 9.2% decrease compared to the previous quarter, reflecting increased market volatility and changing investor sentiment.
Which exchange saw the largest growth in market share?
Bitget achieved the most significant market share growth among top exchanges in Q2, with an increase of nearly 2%. This growth occurred amid a general decline in volumes, highlighting its competitive positioning and user adoption during the period.
Why did spot trading volumes decline in Q2?
Spot trading volumes decreased primarily due to high market volatility. Traders favored derivatives products that allow for hedging and speculation in uncertain market conditions, leading to a shift away from traditional spot buying and selling.
How did derivatives markets perform compared to spot?
The derivatives market remained more resilient than the spot market. Although derivatives trading volume fell by 7.4% quarter-over-quarter, it significantly outperformed spot trading and saw a 92% increase compared to the same quarter in 2023.
What is Open Interest and why is it important?
Open Interest refers to the total number of outstanding derivative contracts that have not been settled. It is a crucial indicator of market sentiment, liquidity, and the strength of ongoing trends. Changes in open interest often reflect shifts in trader commitment and market momentum.
Which platform tokens performed well in Q2?
BGB (Bitget Token) was the best-performing exchange token, with a price increase of 10.9%. MX Token also ended the quarter positively. Most other platform tokens, including those from major exchanges, closed the quarter with negative returns.