EU securities watchdog: 10 exchanges dominate 90% crypto trades The crypto market appears to be highly concentrated, as only 10 exchanges process around 90% of all trades, according to a recent study done by the European securities regulator.
A recent study conducted by the European Securities and Markets Authority (ESMA) has unveiled a significant concentration within the crypto trading landscape, raising concerns about its potential implications for market stability. According to the study titled “Crypto assets: Market structures and EU relevance,” only 10 crypto exchanges handle approximately 90% of all trades, with Binance accounting “for almost half of global trading volumes.”
Collectively, Binance, UPbit, and OKX control over 60% of the market share, with Bybit experiencing a 380% increase in trading volume year-over-year, while Coinbase saw a 44% decline for the same period, the study shows. ESMA warns that such concentration carries potential risks, expressing significant concerns about the potential fallout of a major asset or exchange failure on the broader crypto ecosystem.
