The cryptocurrency market in Q2 2024 experienced notable volatility, with monthly trading volumes on a downward trend and Bitcoin dropping below $55,000 by June. A major catalyst during the quarter was the approval of ETH spot ETFs in mid-May, which triggered a single-day surge of over 20% in Ethereum’s price. Bitcoin followed with a 6% gain, and total market trading volume spiked above $300 billion.
However, unlike the sustained momentum seen after the Bitcoin spot ETF approval in Q1, this rally proved short-lived. Within days, market sentiment cooled, prices retreated, and trading volume dropped back to around $200 billion. In such a turbulent environment, how did major crypto exchanges perform?
This report analyzes the performance of the top 10 centralized exchanges in Q2 2024, examining key metrics including total trading volume, spot and derivatives activity, market share shifts, and platform token performance—offering insights into evolving trends in the exchange landscape.
Total Trading Volume of Top 10 Exchanges Drops 9.2% Quarter-on-Quarter
In Q2 2024, the combined trading volume of the top 10 crypto exchanges reached approximately **$16.3 trillion**, marking a **9.2% decline** from the previous quarter. Bitcoin fluctuated between $60,000 and $70,000 throughout the period, reflecting ongoing uncertainty amid macroeconomic expectations.
With the Federal Reserve signaling potential rate cuts later in 2024 and market sentiment remaining cautious, Q3 trading volume is projected to stabilize within the **$15–20 trillion range**, without significant breakout momentum. As inflows and outflows from Bitcoin spot ETFs continue to influence investor behavior, Bitcoin is likely to remain range-bound between $60,000 and $70,000.
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Binance Maintains Leadership Despite Market Share Dip
Binance remained the dominant player in Q2 with a total trading volume of around $6.8 trillion, capturing over 40% of the market share. However, its dominance slightly weakened, losing 2.33 percentage points compared to Q1.
BingX also saw a significant decline, with its market share falling by 2.2%. On the rise were OKX, Bybit, Bitget, BitMart, Gate, and HTX, all gaining ground in a competitive landscape. Notably, Bitget achieved the largest increase in market share—up nearly 1.91%—indicating strong user acquisition and product traction.
This reshuffling reflects growing competition among tier-one exchanges, especially as users seek better trading conditions, lower fees, and innovative financial products.
Spot Trading Volume Share Declines for Most Exchanges
Among exchanges offering both spot and derivatives trading, most experienced a decline in spot trading volume share during Q2. KuCoin saw the steepest drop—7.5%—while others like Binance and Bybit also reported reduced proportions of spot activity.
In contrast, Gate stood out with an impressive 11% increase in its spot trading share. It now joins HTX as one of only two exchanges where spot trading accounts for more than 50% of total volume.
At the other end of the spectrum, BingX had the lowest spot share at just 7%, highlighting its heavy focus on derivatives and leveraged products.
Market volatility—driven by Bitcoin and Ethereum price swings—played a crucial role in this shift. While ecosystems like TON and Solana showed strong development momentum, many altcoins underwent sharp corrections after earlier rallies. This environment favored short-term speculative strategies over long-term holding, pushing traders toward high-frequency futures and perpetual contracts.
Spot Market Volume Falls 16% to $3.4 Trillion
Total spot trading volume across the top 10 exchanges amounted to **$3.4 trillion** in Q2, down **16%** from Q1’s $4.1 trillion. The decline reflects cooling interest following the post-Bitcoin-ETF euphoria, as daily spot volume retreated from a peak of $80 billion to around $40 billion by early Q2.
Given current market dynamics and subdued investor appetite, Q3 spot volume is expected to remain flat or dip slightly further, likely settling between $2 trillion and $3 trillion unless new catalysts emerge.
Derivatives Volume Slightly Down but Still Up Year-on-Year
Derivatives trading totaled $12.9 trillion** in Q2, a modest **7.4% decrease** from Q1’s $13.9 trillion—but still representing a staggering 92% year-over-year increase** compared to Q2 2023.
Daily derivatives volume closely mirrored Bitcoin’s price trajectory. After peaking at $473 billion** during Q1’s bull run, it plunged below **$300 billion as BTC fell from $70,000. By mid-May, when Bitcoin dipped to ~$60,000, single-day derivatives volume hit a low of under $100 billion before partially recovering.
This sensitivity underscores the dominance of BTC-driven speculation in leveraged markets and highlights how macro triggers can rapidly reshape trading behavior.
Binance Leads in Open Interest; Bitget Sees Biggest Gains
Open interest (OI) distribution among top derivatives exchanges shifted notably in Q2. Binance retained its lead with 30% market share, but several competitors gained ground.
- Bitget recorded the largest OI share increase—up 5.6%
- BitMart followed with a 2.8% rise
- HTX also gained traction
Conversely, Binance, KuCoin, and BingX each lost more than 2% in open interest share. Most other platforms saw minor changes within ±1%.
These movements suggest that traders are increasingly diversifying their positions across exchanges offering competitive funding rates, incentive programs, and niche contract types.
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Platform Tokens Struggle in Q2 Amid Market Downturn
The performance of exchange-branded tokens reflected broader market weakness. After a strong rally in Q1, most platform coins ended Q2 in negative territory.
Only two managed positive quarterly returns:
- BGB (Bitget Token): +10.9%
- MX (MX Token): positive change
Other notable performers relative to Bitcoin:
- Outperformed BTC: MX, LEO, BNB, KCS
- Underperformed BTC: GT (Gate Token), OKB, CRO
The underperformance of even major exchange tokens like OKB indicates risk-off sentiment among retail and institutional investors alike.
Frequently Asked Questions (FAQ)
Q: Why did overall crypto trading volume decline in Q2 2024?
A: The decline was primarily driven by fading post-Bitcoin-ETF momentum, increased regulatory uncertainty, and macroeconomic concerns around interest rates. The brief spike from ETH ETF approval failed to sustain long-term engagement.
Q: Which exchange showed the strongest growth in market share?
A: Bitget demonstrated the most significant gains, increasing its market share by nearly 1.91%, supported by aggressive marketing, product innovation, and strong derivatives offerings.
Q: What caused the drop in spot trading volume share for most exchanges?
A: Heightened price volatility made futures and perpetual contracts more attractive for short-term traders. This shift favored leveraged trading over traditional buy-and-hold spot strategies.
Q: Is the decline in platform token value a sign of weakening exchange fundamentals?
A: Not necessarily. While token prices reflect market sentiment, many exchanges continue improving infrastructure and expanding services. Short-term price movements don’t always correlate with operational health.
Q: How does open interest relate to market trends?
A: Open interest measures active derivative positions. Rising OI often signals growing bullish or bearish conviction; falling OI may indicate profit-taking or reduced leverage use—both valuable signals for trend analysis.
Q: What factors could boost trading volume in Q3 2024?
A: Potential drivers include clearer ETF regulations (especially for ETH), Fed rate cut announcements, major protocol upgrades (e.g., Ethereum hard forks), or unexpected macroeconomic events boosting risk appetite.
The second quarter of 2024 underscored the cyclical nature of crypto markets—where rapid rallies give way to consolidation periods marked by declining volumes and shifting trader preferences.
Exchanges that adapted quickly—by enhancing derivatives tools, launching incentives, or strengthening security—were better positioned to capture market share amid turbulence. As we move into Q3, sustained innovation and user-centric design will be critical differentiators.
For traders navigating this dynamic environment, staying informed and agile is essential.
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