Kraken was the only crypto trading platform in the U.S. that saw its market depth increase on a year-to-date (YTD) basis.
on different U.S.-based exchanges. While BTC on Coinbase saw a steep drop in May and then plateaued in June, the balance on Kraken was on the rise.Source: GlassnodeEven in the European market, Kraken succeeded in expanding its market share of trading volume, from 33% at the beginning of the year to 54% at the time of writing.
A large part of Kraken’s market share was coming at the expense of Binance and Coinbase, as per Kaiko.What seemed to work in Kraken’s favor was the relatively less regulatory pressure. Unlike Coinbase and Binance.US, it avoided the wrath of the U.S. authorities, with no serious legal actions taken against the exchange in Q2 2023.
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