Quick Take
According to recent Glassnode data, Bybit has emerged as a leading player in the Bitcoin trading arena, particularly in spot volume, which measures the cumulative trading volume of native assets against USD-based currencies, including both fiat and stablecoins.
On Aug. 22, Bybit recorded an impressive $2.5 billion spot volume, surpassing major exchanges like Binance, Coinbase, Crypto.com, and OKX. This surge in volume is part of a broader trend in the second half of this year, where Bybit has consistently held the top spot in daily trading volumes, even though Binance typically leads during significant trading spikes.
Bybit’s rise is notable, having gained 10 million new users in less than 90 days, pushing its total user base past 40 million. This growth mirrors the broader bullish sentiment in the market, especially since the end of 2023 when Bitcoin began its current bull run.
Meanwhile, Crypto.com has also seen a substantial increase in spot volume, crossing the $1 billion mark consistently in July and reaching $2 billion on Aug. 22. While Binance has historically been the dominant exchange, the recent performance of Bybit and Crypto.com signals a shift in market conditions as these platforms challenge Binance’s supremacy.
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