1/ I didn't realize just how big Binance is.
In the TTM, it did $10.5 trillion in volume.
In the TTM, it did $10.5 trillion in volume.
2/ In comparison, Coinbase did $700 billion, less than 7% of Binance.
Source: nomics.com/exchanges/gdax…
Source: nomics.com/exchanges/gdax…
3/ What's interesting is that if you drill down on the "dominance" by each crypto for each exchange, the top 3 exchanges (Binance, Huobi and OkEx) all have 80%+ dominance from USDT (Tether).
4/ This is because each of these exchanges came out of China and the government has cracked down on crypto.
So USDT is basically the gateway to trading other cryptos in China since you can't do it with RMB.
So USDT is basically the gateway to trading other cryptos in China since you can't do it with RMB.
5/ In comparison, Coinbase's dominance (the % of total volume for each individual asset) is like 54% BTC.
6/ If we exclude the big 3 Chinese exchanges, Coinbase's market share is more like 30%.
I don't have data on Robinhood's crypto volume, but it's probably safe to say that it is quite a bit smaller.
I don't have data on Robinhood's crypto volume, but it's probably safe to say that it is quite a bit smaller.
End/
tl;dr
• Binance is ginormous.
• Chinese exchanges are dominated by USDT.
• Coinbase is dominant in the US.
tl;dr
• Binance is ginormous.
• Chinese exchanges are dominated by USDT.
• Coinbase is dominant in the US.
• • •
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