Bybit Surpasses Coinbase in Volume, Aided by Bitcoin (BTC) Exchange-Traded Funds (ETFs) Launch in the US

加密货币交易所Coinbase自10月以来已被Bybit在交易量上超越，根据分析公司Kaiko。

Coinbase(NASDAQ:COIN)has been overtaken in trading volume by Bybit since October, according to a new report by analytics firm Kaiko. The report highlights the impact of the launch of Bitcoin (BTC) exchange-traded funds (ETFs) in the US on crypto exchange volumes. Kaiko notes that the launch of spot Bitcoin ETFs in the US has significantly boosted global crypto trading volumes. However, not all exchanges have benefited equally from the rally that began in October. One exchange that has stood out and made the most gains is Bybit. Since October, the exchange's market share has surged from 8% to 16%, surpassing Coinbase in March to become the second-largest exchange after Binance. Notably, Coinbase's global market share has seen only a minor increase of 1% over the same time period, despite reporting improving revenue and profits. According to Kaiko, several factors could be contributing to Bybit's growth, including its low fees. However, other offshore exchanges like Binance and OKX also offer low fees, and many exchanges have ongoing zero-fee promotions and reward campaigns. For example, Bybit launched zero fees for USDC trading in February 2023, while Binance has promoted TUSD and FDUS over the past year. This suggests that while low fees contribute to Bybit's competitive edge, they are not the only reason for its rise. Kaiko also notes that Bybit's growth has been supported by its strong offering in Bitcoin and Ethereum (ETH) trading, with the exchange's market share of the two leading digital assets growing from 17% to 53% over the last 12 months. In addition to its spot market strength, Bybit has also rapidly expanded its derivatives offering, cementing its place as the second-largest derivative market after Binance in 2023.

The above is the detailed content of Bybit Surpasses Coinbase in Volume, Aided by Bitcoin (BTC) Exchange-Traded Funds (ETFs) Launch in the US. For more information, please follow other related articles on the PHP Chinese website!