The cryptocurrency market experienced significant volatility during the third quarter of 2024. In early August, an unexpected interest rate hike by the Bank of Japan triggered a collapse in yen carry trades, sending shockwaves across global financial markets. This event sparked a sharp sell-off in crypto assets, with Bitcoin plunging to around $49,000 amid rising risk-aversion sentiment. Widespread liquidations further intensified downward pressure. However, as expectations for Federal Reserve rate cuts grew and global liquidity improved, investor confidence gradually recovered—Bitcoin rebounded to $64,000 by quarter-end.
Amid this turbulent environment, how did major crypto exchanges perform? This report dives into the latest data from the top centralized exchanges to uncover key trends shaping the industry landscape in Q3 2024.
Total Trading Volume Drops Slightly Across Top 10 Exchanges
The combined trading volume of the top 10 crypto exchanges reached $15.1 trillion in Q3 2024—a 6.74% decline compared to Q2. This downturn reflects broader macroeconomic headwinds affecting investor behavior across digital assets.
Despite the dip, market sentiment began turning positive following the Fed’s 50-basis-point rate cut. With improving liquidity conditions and renewed optimism, analysts project a strong recovery in Q4, potentially pushing total exchange volume toward $20 trillion.
Bitcoin’s price trajectory mirrored these shifts—after briefly falling below $50,000 in August, it rallied sharply and closed the quarter near $64,000. Looking ahead, increased monetary ease in both the U.S. and China could propel Bitcoin above $70,000, possibly setting new all-time highs.
Binance Maintains Leadership Despite Market Share Dip
Binance recorded nearly $5.6 trillion in trading volume during Q3, maintaining its position as the world’s largest crypto exchange. However, its market share declined by 4.51 percentage points compared to the previous quarter, settling at just over 37%.
While Binance remains dominant, other platforms gained ground. MEXC saw the most notable growth, expanding its share by 3.6%, followed by Bybit with a 1.84% increase. These gains suggest shifting user preferences and increasing competition in the centralized exchange space.
👉 See how emerging platforms are challenging established players and what it means for traders.
Spot Trading Volume Declines Across Most Platforms
Spot trading activity continued its downward trend in Q3. Total spot volume across the top 10 exchanges amounted to $2.7 trillion—down 21% from $3.4 trillion in Q2. Daily average spot trading dropped from $37 billion to $29 billion.
Interestingly, Bybit was the only exchange to report a slight increase in spot trading share, bucking the broader trend. Most platforms saw reduced spot participation as traders shifted focus toward more speculative instruments.
Heightened price volatility—especially around meme coins—drew attention away from traditional spot markets. Traders increasingly favored high-frequency derivative strategies to capitalize on rapid price swings.
Derivatives Market Shows Signs of Consolidation
Derivatives trading volume totaled $12.8 trillion in Q3, down 2.3% from $13.1 trillion in Q2. The persistent decline indicates ongoing market consolidation, with fewer active contracts despite heightened volatility.
Daily derivatives volume remained below $150 billion throughout the quarter—consistent with Q2 levels—except for a brief spike in early August due to macro-driven market turbulence.
Binance Leads in Open Interest with 30% Share
In terms of open interest (OI), Binance maintained its leadership with a 30% market share despite a minor 0.25% drop. The exchange demonstrated resilience during market stress: when OI plunged across all platforms in early August, Binance’s relative stability allowed its share to temporarily rise.
HTX recorded the largest OI growth (+2.7%), followed by Gate (+1.3%). Conversely, BingX suffered the steepest decline, losing 1.27% of its OI share.
This resilience underscores Binance’s robust infrastructure and deep liquidity pools—key advantages during periods of extreme volatility.
Exchange Tokens Struggle Amid Broader Market Weakness
Most exchange-branded tokens underperformed in Q3, continuing a bearish trend from the prior quarter. Broader market weakness weighed heavily on their valuations.
However, standout performers emerged:
- GT (Gate.io): Up 16.5%, outperforming Bitcoin and all other exchange tokens.
- BNB (Binance): Rose 4.8%, though lagged behind BTC's gains.
- OKB (OKX): Increased by 1.4%.
- LEO (UNUS SED LEO): Gained 0.9%.
In contrast, MX (MEXC) suffered the worst performance, falling 22.6% since Q2—a stark reminder of how platform-specific risks can impact token value even amid overall market recovery.
👉 Explore how exchange token performance correlates with trading activity and user growth trends.
Key Takeaways and Outlook for Q4 2025
Despite short-term setbacks, the fundamentals for crypto exchanges remain strong heading into Q4 2025:
- Market recovery is underway, supported by favorable macro conditions.
- Spot trading is expected to rebound, potentially reaching $3.5–$4 trillion in volume.
- Derivatives markets may stabilize, with renewed interest in leveraged products if volatility persists.
- Competition is intensifying, with MEXC and Bybit gaining traction at Binance’s expense.
Exchange innovation, regulatory clarity, and user experience will be critical differentiators moving forward.
Frequently Asked Questions (FAQ)
Q: Why did Binance lose market share despite remaining number one?
A: Increased competition from platforms like MEXC and Bybit, combined with tighter regulatory scrutiny and user diversification, contributed to Binance’s slight decline in trading volume share—even as overall platform activity remained robust.
Q: What caused the drop in spot trading volume?
A: Traders shifted focus to derivatives and speculative assets like meme coins during periods of high volatility. Additionally, macro uncertainty reduced long-term investment appetite in spot markets.
Q: Is declining derivatives volume a sign of weakening interest?
A: Not necessarily. While total volume dipped slightly, open interest remained stable. The decline reflects market consolidation rather than loss of interest—traders are concentrating activity on fewer, more liquid platforms.
Q: Which exchange token performed best in Q3?
A: GT (Gate.io) led the pack with a 16.5% gain, outperforming both Bitcoin and other major exchange tokens like BNB and OKB.
Q: Can we expect higher trading volumes in Q4?
A: Yes. With improving liquidity, potential Fed rate cuts, and growing institutional participation, trading volumes are projected to rise—possibly exceeding $20 trillion across top exchanges.
Q: How do macroeconomic factors affect crypto exchanges?
A: Events like central bank policy shifts directly impact investor sentiment and capital flows. For example, the Bank of Japan’s rate hike triggered a cascade of deleveraging that hit crypto markets hard—but subsequent easing helped fuel recovery.
Core Keywords: crypto exchange, trading volume, Binance market share, derivatives trading, spot trading volume, exchange tokens, open interest