Binance’s dominance in Bitcoin trading outside the U.S. is dwindling as offshore exchanges expand their reach and regulatory landscapes evolve, reshaping the competitive dynamics of the digital asset industry.from Kaiko, Binance, once dominating Bitcoin trading markets outside the U.S., has witnessed a decline in its share of BTC trading over the past year, dropping from 81.3% to 55.3%.Similarly, Binance’s proportion fell from 58% to 50.5% for smaller tokens and altcoins.
Over the past year, Bybit’s portion of global Bitcoin trading outside the U.S. surged to 9.3% from 2%, while OKX’s share rose to 7.3% from 3%. One notable development following the halving was the increase in transaction fees on the Bitcoin network. The average network feeMeanwhile, funding rates for bitcoin perpetual contracts remained neutral despite briefly dipping into negative territory before the halving. However, open interest in these perpetual contracts remains high, exceeding $10 billion.While Bybit and OKX have grown their presence in Asian markets, Binance has been dealing with legal challenges.
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Source: FXStreetNews - 🏆 14. / 72 Read more »