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Crypto Trading Volumes Drop in Q2 to Yearly Lows
Bitcoin, the world’s largest cryptocurrency, lost the most market share of trading volume in the second quarter of this year.
Updated Jun 16, 2023, 4:25 p.m. Published Jun 15, 2023, 3:32 p.m.
Crypto trading volumes have hit yearly lows across quarter two, as market makers scale back on trading, according to data from Kaiko.
Average daily volumes for the second quarter of 2023 were $10 billion for the top 10 tokens (excluding stablecoins), compared to $18 billion average daily volumes in the first quarter of the year.
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This comes as regulatory crackdown has heightened in the last month, perhaps prompting traders and market makers to pull back. Last week, Binance and Coinbase, two of the largest cryptocurrency exchanges, received lawsuits against them from the U.S. Securities and Exchange Commission (SEC).
In terms of individual token market share of trading volume across Q2, bitcoin has lost around 20 percentage points since its peak at the end of March. Ether outperformed bitcoin, taking a 5 percentage point increase in share of volumes. Binance’s BNB rose from 2% of volumes to over 7% in the last few days amid the Binance regulatory fear.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Robinhood looks better placed than Coinbase for prediction-market upside, Mizuho says
Robinhood stands to gain more from prediction markets than Coinbase as users plan to deploy fresh capital rather than sell existing crypto, the bank said.
What to know:
- Robinhood and Coinbase users are about nine times more likely to use prediction markets than non-users, Mizuho found.
- About 50% of Robinhood users plan to invest new money in prediction markets, while 37% of Coinbase users expect to sell cryptocurrency to fund their activity, according to the report.
- The bank raised its Robinhood 2026–2027 revenue estimates and kept its $172 price target, while trimming Coinbase’s target to $280.
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