Binance, the world’s largest cryptocurrency exchange, is experiencing changes in market share and stablecoin exits due to ongoing regulatory pressures. Certain altcoins are also leaving the exchange. Here are the details…
Binance’s market share is changing
According to a report by cryptocurrency data provider Kaiko, Binance has lost 16 percent of its spot trading dominance in the cryptocurrency market after a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) and ending its zero-fee trading programs. However, Binance has a 54 percent share in the global spot market and maintains its leading position. The exchange lost 2% of its current share in the derivatives market to other derivatives exchanges.
On the other hand, Binance’s US subsidiary Binance.US increased its market share from 8 percent to 24 percent, while the market share of the exchange’s biggest competitor in the US, Coinbase, fell from 60 percent to 49 percent. While global stock markets are increasingly targeted by regulators, the US market is particularly fragile at the moment and there is increasing pressure among the remaining stock markets.
Moreover, according to a report by analytics firm Glassnode, Binance has observed the largest stablecoin net outflow in history as investors withdraw stablecoins from the cryptocurrency exchange at a rate of $295 million per day. The report also shows that Binance has seen net inflows of Bitcoin in recent months and its Ethereum reserve has yet to fall.
In particular, these altcoins are leaving the stock market
cryptocoin.com As we have also reported, Nansen data recently listed which altcoins came out of the stock market the most. In particular, it was decided that BNB, Avalanche (AVAX), Polygon (MATIC), Fantom (FTM) left the stock market. Because, 852 million dollars came out of Binance in just one day.
Regulatory uncertainty negatively impacts crypto platforms
Binance has been under regulatory pressure from the US government this year, with the latest example being the CFTC lawsuit filed against the exchange’s CEO, Changpeng Zhao, for alleged derivatives trading violations. The banking crisis and ongoing regulatory pressures have upset the structure of the crypto market, leaving an uncertain dynamic among the world’s largest exchanges. This uncertainty caused trading volume to continue to rise, which hit a four-month high in mid-March but fell sharply after Binance closed its zero fee program.
Exits from stablecoins show that investors are currently withdrawing a net number of tokens from Binance. The trend in Binance net-flow volume for all stablecoins has seen larger negative-than-positive increases in recent times, suppressing inflows. The outflow of stablecoins goes unnoticed in Bitcoin and Ethereum reserves held in Binance wallets.
As a result, Binance has seen a significant shift in market share, some altcoins and stablecoin exits due to ongoing regulatory pressures. Despite losing a significant portion of the spot trading market share, Binance retains its leading position, holding 54 percent of the global spot market. Meanwhile, Binance.US has tripled its market share, surpassing Coinbase’s. Large stablecoin net outflows indicate investors are withdrawing tokens from Binance due to market uncertainty.
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