Markets
Underrated Cryptocurrency Exchange Challenges Coinbase’s Dominance in the US, Kaiko Research Finds
Coinbase’s leadership in the U.S. market is under threat, according to cryptocurrency market data analytics firm Kaiko Research.
In a new report, Kaiko Research said The landscape of cryptocurrency exchanges in the United States has changed, with a relatively new entrant, Bullish, managing to gain increased market share, even gaining an edge over Coinbase on certain digital assets.
“When it comes to Bitcoin (BTC) and Ethereum (ETH) trading, Bullish now has trading volumes comparable to Coinbase. The relatively new exchange has even eclipsed Coinbase’s BTC and ETH volumes at times this year.
Bullish, which launched at the height of the last bull market in 2021, has seen consistently high trading volumes for both BTC and ETH over the past year.
Source: Kaiko Research
According to Kaiko Research, Bullish “gained market share after market makers fled Binance.US in June last year amid regulatory scrutiny.”
Key figures Bullish’s members include Brendan Blumer, co-founder of the EOS blockchain (EOS), who currently serves as the exchange’s chairman. Tom Farley, former chairman of the New York Stock Exchange (NYSE), is the company’s chief executive officer.
Kaiko Research also says that a Coinbase-related metric signals increased institutional demand for Bitcoin (Bitcoin).
“The Coinbase premium, defined as the difference between hourly Bitcoin prices on Coinbase’s BTC-USD pair and Binance’s BTC-USDT pair, turned positive in early July after hitting its lowest level since Terra’s 2022 collapse in late June.
This metric is sometimes considered an indicator of institutional sentiment, as institutional trading volume accounts for over 80% of trading activity on Coinbase, while Binance has a strong retail reputation.
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