Binance, the leading centralized crypto exchange, continues to maintain its top rank in the market of futures trading. As per the CryptoQuant analyst, Binance witnessed a remarkable $1.08 trillion in its futures trading volume during this January, reinforcing its prominent position in the market. The crypto analyst provided insights into the futures trading of Binance in a recent report.
The crypto analyst has pointed toward the significant surge in the futures trading volume of Binance. Particularly, in January this year, Binance recorded a staggering $1.08T in futures trading volume. This figure is far above the closest competitors of Binance. The 2nd-tier crypto exchanges took into account Bybit, Bitget, and OKX. Their futures trading volumes account for $509.36B, $581.98B, and $530.09B respectively. All of them posted resilient numbers but however remained behind Binance.
The respective trend continued even in February as Binance saw $717.53B in its overall futures volume. On the other hand, the competitors struggled to sustain their performance in January. Particularly, Bybit, Bitget, and OKX witnessed $275.44B, $295.26B, and $313.91B respectively. This suggests a considerable decrease in their trading activity. Subsequently, Binance is also maintaining its dominance during March, with trading volume accounting for $498.38B up till now. Nonetheless, Bybit, Bitget, and OKX have recorded reductions at $173.82B, $187.65B, and $214.86B.
According to the CryptoQuant analyst, amid the dominance of Binance and 2nd-tier crypto exchanges in futures trading. Simultaneously, smaller exchanges such as BitMEX, Crypto.com, and Kraken contribute a minor fraction of the cumulative volume. This underscores a noteworthy gap between the leading entities and the others.
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Author: NixCoin
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