In the second quarter of 2023, the volume of spot trading on the top 20 crypto exchanges declined significantly, as reported by CoinMarketCap.
It dropped by 36%, from $2.6 trillion to $1.66 trillion. Binance remains the largest platform, with a 59.9% market share. The top 5 exchanges account for approximately 85%.
As for the listing of tokens, CEXs are listed with a variety of trading pairs and cryptos, showing a continuous growth in listing lists. Binance leads the large cap sector with a focus on “popular and high quality” digital assets.
In terms of reserves, Binance stands out, with $57 billion in funds, followed by OKX and Bitfinex, which have each amassed $10 billion.
The amount of customer collaterals stayed practically the same as the previous period, predominantly consisting of Bitcoin and other stablecoins.
During the first six months of the year, most exchange tokens had net positive returns, although a majority failed to beat Bitcoin’s return, which was +182% since the start of the year.
Despite this, traders still prefer centralized exchanges, with the DEX to CEX ratio reaching a 1:8 level.
