Although building a financial market that has grown behind the narratives of decentralization, the cryptocurrency industry’s liquidity is mostly concentrated among just a few centralized exchanges (CEX).
In 2023, 91.7% of all the crypto market liquidity lies in the hands of only eight global entities: Binance, Coinbase, Kraken, OKX, KuCoin, Bybit, Binance.US, and Bitfinex. This is what a new report by Bankless Times noted on September 15.
Interestingly, the smart data platform Kaiko also recently reported a similar value of 91.7% of the entire liquidity concentrated among the eight largest centralized exchanges, and 58.5% of this liquidity is kept by two of them. Things get even worse when looking at the traded volume, 64% is dominated by a single CEX.
Crypto liquidity concentration in 2023. Source: Kaiko
Notably, the crypto market liquidity and trade volume have become more centralized since 2021, as by then, the dominant CEX only had 38% of the entire trading volume. And the curr
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