FTX surpasses Coinbase in bitcoin trading volume

In a year and a half, the crypto exchange’s market share has risen from 5% to 44%

01.06.2022 - 10:15

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2 min

What’s new? In May, cryptocurrency exchange FTX surpassed Coinbase for the first time ever in terms of BTC trading volume. Over the past 18 months, FTX’s global bitcoin trading market share has increased from 5% to 44%. Coinbase’s market share is at 30%. This data is provided in a weekly report by market data provider Kaiko.

The full version of the report

What other data has been published? In May, a sharp increase in trading volume was recorded on the FTX, a trend that intensified after the collapse of the Terra ecosystem. Coinbase managed to keep its market share relatively stable at 30%. Whereas Bitfinex, Kraken, Bitstamp, and Itbit exchanges faced a decline in trading volume.

Source: Kaiko.com

What events happened before? In May, The Wall Street Journal journalists reported cases of insider trading on leading global platforms — Binance, FTX, and Coinbase. The journalists revealed that some crypto wallets were buying up a number of digital assets en masse shortly before official announcements about their listing on the platforms.

FTX head Sam Bankman-Fried reportedthat he was looking to fund the 2024 US presidential election. The planned budget is between $100 million and $1 billion. He previously bought a 7,6% stake in the online broker Robinhood for $648,29 million. In 2022, Bankman-Fried was ranked second on Forbes’ list of the richest people in the crypto industry, with an estimated fortune of $24 billion.

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