– Coinbase trading volume has fallen by over 80% since November 2021. – The exchange’s average volume is estimated at roughly $1.2 billion in July. – Binance has flipped Coinbase in terms of BTC balance.
The pressure from the current cryptocurrency market turmoil weighs heavily on the leading US publicly-traded exchange, Coinbase. The exchange has lost a significant percentage of its market share, including trading volume.
Coinbase’s average volume in July is estimated at about $1.2 billion, according to Dan Dolev, an equity research analyst at Mizuho. This represents about an 82% decline from an average trading volume of $7 billion recorded during the market peak in November 2021.
Coinbase is said to have dropped out of the top 10 list of exchanges by average USD trading volume in July. The exchange’s ranking dropped from the fourth position in November 2021 to presently the 14th largest.
“This trend is problematic for COIN. […] All this, coupled with subdued volume trends, is likely to weigh on profitability moving forward, in our view.” - Dan Dolev.
While Coinbase lost over 82%, Binance's average volume dropped by only 66% within the same period, from $32.9 billion to $11 billion in July. Binance remains the world’s largest exchange by trading volume and also the biggest exchange by Bitcoin supply.
Binance gained a net balance of roughly +300k BTC over the last two years. However, an aggregate of 450k BTC has been withdrawn from the exchange within the same period.