A study by Kaiko revealed that Coinbase's market share in the United States dropped from 53% in June to 41% at the beginning of September. Bullish emerged as the primary beneficiary, with its market share nearly doubling from 17% to 33% during the same period. Since 2021, the market share of large exchanges in the United States has significantly increased. Currently, the top three exchanges hold almost 90% of the market share by trading volume, up from the previous 66%. Meanwhile, the market share of small exchanges decreased from 34% to 11%. This trend is not exclusive to U.S. exchanges, as over 87% of trading volume in the third quarter of 2024 is concentrated in five centralized exchanges.
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