Coinbase’s lead in USD liquidity reinforced its role as the market’s benchmark. Bitstamp and Kraken offered tight tracking, while Binance showed the widest USD price swings.
Coinbase held the majority of USD trading volume as BTC spiked to $122k
55% liquidity concentration gives Coinbase an edge in USD price discovery.
3 min read
Updated: Aug. 11, 2025 at 3:21 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a publicly listed digital asset platform that operates one of the largest regulated crypto exchanges in the United States.
Binance
Binance is one of the world’s largest centralized cryptocurrency exchanges by trading volume, offering spot, derivatives, and earning products to a global retail and institutional user base.
Bitstamp
Bitstamp is a European-based cryptocurrency marketplace that allows people from all around the world to buy and sell cryptocurrencies.
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