REPORT: How Much Has Coin’s Market Share Dropped Since CZ Left?

The end of Bitcoin’s zero-transaction-fee promotion, SEC lawsuits, and the resignation of CEO CZ have all had an impact on Coin’s market share.

The latest TokenInsight report shows a shift in the market share and trading volume of the top exchanges in 2023, with CoinShares dropping from 54.2 percent to 48.7 percent, while OKX and Bybit grew by 4.3 percent and 2.2 percent, respectively.

Binance, Upbit and OKX occupy the top three spots in terms of total annual volume, while Binance, OKX and Bybit lead in derivatives.

Coin’s Market Share and Resilience

At the beginning of 2023, CoinSecure had a market share of 54.2%, maintaining its dominant position in the industry. However, events such as the end of Bitcoin’s zero-fee trading promotion and a lawsuit filed by the SEC in June impacted its market share, falling below 50%.

The subsequent resignation of CEO CZ led to a temporary drop in market share to 32 percent, but CoinSec quickly stabilized and ended the year with a 48.7 percent market share.ETC Miner

According to the report, Coin’s resilience in the face of regulatory hurdles and its commitment to protecting users’ assets instilled confidence in traders, which mitigated the sharp decline in market share. Market share has fallen just 5 percent this year, exceeding initial expectations.

Despite Coin’s decline, OKX and Bybit were the biggest beneficiaries, with market share increases of 4.3 percent and 2.2 percent, respectively. OKX came in second place with a total market share of 15.7 percent, while Bybit came in third with 11.6 percent market share.

The top three in terms of total annual trading volume were Coin, Upbit, and OKX, highlighting the overall strength and influence of these platforms in the face of changing market dynamics. CoinSafe continues to dominate spot and derivatives trading with a 53.7% share. However, this is down from 60.1% in 2022.

OKX and Bybit take the second and third spots in terms of spot and derivatives trading volume, demonstrating their versatility and market reach. Notably, more than 90% of Bybit, Bitget, and OKX’s trading volume comes from derivatives trading, highlighting the trend for these exchanges.

Decentralized Exchanges and Token Performance

The report also reveals the performance of decentralized exchanges (DEX). Despite the challenges faced by centralized exchanges, DEX remains stable in 2023, accounting for approximately 2.83% of total trading volume.Litecoin DOGE Miner

Platforms such as Orca and PancakeSwap experienced varying degrees of market share growth, with the Solana ecosystem receiving attention. The report delves into the performance of exchange tokens, highlighting significant price gains. ftt, mx, and bgb gained more than 200%, outperforming the broader market.

Trader Joe’s native token, JOE, led the decentralized exchange token space with 400% growth. In addition, the liquidity ratio analysis shows that the degree of liquidity varies across tokens, with HT experiencing price declines despite its high liquidity.