Bybit’s Bitcoin market share explodes, up by 400%

Rick Steves

“This milestone is a testament to our sharp trading products and the loyalty of our users. As the industry evolves, Bybit remains at the forefront, ready to set new standards in the crypto trading world.”

Bybit

Bybit has announced a significant increase in its Bitcoin trading volume since the launch of its spot trading platform in 2022, but particularly this year.

According to the latest Kaiko Research quarterly report, Bybit’s market share has skyrocketed from 2% in 2023 to 9.3% in 2024, a nearly 400% surge that further establishes Bybit as a frontrunner in cryptocurrency trading.

As to Bybit’s market share of altcoin — all cryptos apart from Bitcoin — Kaiko Research found that trading volume over the same period increased from 2.9% to 8%, up by 275% year over year. The crypto exchange believes the rise in altcoin trading volumes was fueled by the introduction of Bybit’s Unified Trading Account.

“Testament to our sharp trading products and the loyalty of our users”

Ben Zhou, co-founder and CEO at Bybit, said: “We are immensely proud to see Bybit’s strategy and commitment to user-centric innovation being reflected in our growing market share. This milestone is a testament to our sharp trading products and the loyalty of our users. As the industry evolves, Bybit remains at the forefront, ready to set new standards in the crypto trading world.”

Besides the increased market share within the cryptocurrency ecosystem, Bybit has reported a 180% growth in institutional clients in the past year.

It may be due to the growing appetite within the institutional sphere and the increased regulatory clarity provided by key jurisdictions in recent times, including in Europe, Singapore, Hong Kong, and Dubai.

Bybit hosted panel on Bitcoin halving, ETFs, and macro shifts

In a recent panel discussion hosted by Bybit, featuring Bybit’s Hao Yang, OKX’s Lennix Lai, and Willis Croft of Wintermute, thought leaders explored the impact of Bitcoin halving, the influence of institutional investments, and the significance of macroeconomics.

Historically, Bitcoin halvings have spurred significant price surges. However, this influence is showing signs of decline. “I think the magnitude of the halving being a catalyst for upward price movements is lessening,” said Hao Yang of Bybit. “The total amount of circulating bitcoin will arrive at 21 million via a non-linear curve. That means the impact from halvings altering the supply side will be less as the total circulating amount of bitcoin increases.”

The introduction of Bitcoin ETFs marks a pivotal shift, heralding an era of institutional participation. Lennix Lai of OKX highlighted the transformative role of ETFs: “Post ETF, we opened the floodgates for demand, especially the institutional money,” emphasizing the ETF’s role in mainstreaming Bitcoin investments among traditional financial players.

All panelists concurred that macroeconomic factors now exert a more pronounced influence on Bitcoin than halving events. Willis Croft noted the broader economic integration, “The market is changing. I always thought that the last link for a real mature crypto ecosystem is to bond with the real world economy… And once we started tokenizing other stuff on chain, we will see a huge efficiency improvement to the old system.”

The participants agreed that more traditional financial entities are engaging with crypto. Lennix Lai observed, “We’re seeing very traditional, legacy business in the securities market or commodity trading… directly trading or interacting with crypto — that’s unique.”

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