US crypto exchanges are trending downwards in terms of bitcoin trading volume since January 2022, with March being an outlier.
Highlights
- A small fraction of bitcoin trading volume, just 9.49%, exists on registered US crypto exchanges.
- A newly released report from CCData suggests that American exchanges have been giving up more and more of their share of bitcoin (BTC) trades since at least January 2023.
- In June, users traded $239 billion worth of crypto on Binance’s spot markets, representing a 12.6% jump from May.
- The data also points to the fact that offshore crypto exchanges are starting to get rewarded in terms of market share.
- Bybit, Bullish and Upbit, both of which reside outside of the US, also saw jumps in their business over the last two months.
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