U.S. Exchanges Are Less Than 10% of the World's Bitcoin Trading Volume

Anna Petrov -

More than half of all Bitcoin transactions in the U.S. are conducted through Coinbase and American cryptocurrency exchanges are handling a decreasing fraction of Bitcoin's total trading volume, as per the latest report by analytics company, CCData.

Currently, Bitcoin trading in the U.S. contributes to less than 10% of the global trades, making it an increasingly smaller player in the worldwide trading scene.

Since the beginning of 2022, there has been a noticeable slump in Bitcoin trades via U.S. crypto exchanges, dwindling down to a mere 9% of the global trading volume.

The bulk of Bitcoin trades are transpiring outside the U.S., particularly on Binance, the world's leading exchange. Despite recent regulatory hurdles, the Cayman Islands-based company continues to top the charts, recording $239 billion in trades on spot markets in June, which is a 12.6% increase from May.

Meanwhile, Coinbase, as per CCData, is the platform for 61% of all Bitcoin trades in the U.S., equivalent to $30 billion in crypto trades. Its San Francisco-based competitor, Kraken, accounts for $16.2 billion in crypto trades.

Regardless of the ongoing legal issues with U.S. regulators, both Binance and Coinbase remain market leaders. Earlier in June, the U.S. Securities and Exchange Commission filed a lawsuit against both exchanges on grounds of selling unregistered securities, among other accusations. This resulted in Binance letting go of 10% of its workforce, while Coinbase refuted the claim, insisting that it was not selling securities. Interestingly, Coinbase saw a rise in its market share for U.S. crypto trades following the lawsuit, jumping to 55% this past June.

However, Coinbase isn't the only company gaining ground in the Bitcoin trading market share, according to CCData. In the realm of crypto derivatives, top companies are based in Seychelles (OKX) and the United Arab Emirates (Bybit), with the latter experiencing a 1.3% surge in its trading volume.