According to a report by CCData, only 9.49% of bitcoin trading volume occurs on registered US crypto exchanges, with Binance capturing the majority of the volume. American exchanges have been losing market share since at least January 2023, with offshore exchanges such as Bybit, Bullish, and Upbit seeing increases in their business. Additionally, the derivatives market is far greater than the spot market, with Binance capturing the majority of the derivatives market share.
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US Crypto Exchanges Losing Bitcoin Trading Volume to Offshore Competitors, Binance Dominates Derivatives Market
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