隨著離岸競爭對手的崛起和監管收緊，幣安的加密貨幣主導地位下滑

隨著 Bybit 和 OKX 等規模較小的交易所獲得市場份額，幣安在離岸比特幣交易中一度佔據的主導地位正在被削弱。去年，幣安的比特幣交易份額從 81.3% 下降至 55.3%，而 Bybit 從 2% 上升至 9.3%，OKX 從 3% 上升至 7.3%。這一轉變歸因於幣安停止比特幣零費用促銷以及離岸市場競爭加劇。

Binance's Global Dominance Wanes as Offshore Exchanges Rise and Regulatory Landscapes Evolve

隨著離岸交易所的興起和監管環境的演變，幣安的全球主導地位逐漸減弱

The landscape of the digital asset industry is undergoing a significant transformation, with Binance's once-unassailable dominance in Bitcoin trading outside the United States diminishing as offshore exchanges expand their reach and regulatory pressures intensify.

數位資產產業的格局正在經歷重大轉變，隨著離岸交易所擴大業務範圍和監管壓力加劇，幣安在美國境外比特幣交易中一度無可爭議的主導地位正在減弱。

Shrinking Market Share for Binance

幣安市佔率不斷縮小

Kaiko, a leading cryptocurrency market data provider, reveals that Binance's share of Bitcoin trading outside the U.S. has plummeted from a commanding 81.3% to a mere 55.3% over the past year. This decline is mirrored in Binance's market share for smaller tokens and altcoins, which has dropped from 58% to 50.5%.

領先的加密貨幣市場數據提供商 Kaiko 透露，過去一年，幣安在美國境外比特幣交易中的份額已從 81.3% 驟降至 55.3%。這種下降反映在幣安較小代幣和山寨幣的市場份額上，該份額已從 58% 下降至 50.5%。

Kaiko attributes this shift to Binance's discontinuation of its aggressive Bitcoin zero-fee promotion implemented last year. The removal of this incentive has made Binance less attractive to traders, particularly for smaller transactions.

Kaiko 將這一轉變歸因於幣安停止了去年實施的激進的比特幣零費用促銷活動。取消這項激勵措施降低了幣安對交易者的吸引力，特別是對於小額交易。

Emergence of Smaller Exchanges

小型交易所的出現

Smaller exchanges such as Bybit and OKX have capitalized on Binance's retreat, gaining significant momentum and leading to less concentration in offshore Bitcoin trading. Bybit's share of global Bitcoin trading outside the U.S. has surged from 2% to 9.3% over the past year, while OKX's proportion has increased from 3% to 7.3%.

Bybit 和 OKX 等規模較小的交易所利用了幣安的撤退，獲得了巨大的動力，並導致離岸比特幣交易的集中度降低。過去一年，Bybit 在美國以外的全球比特幣交易中的份額從 2% 飆升至 9.3%，而 OKX 的比例則從 3% 上升至 7.3%。

Post-Halving Dynamics

減半後動態

The shifting market dynamics coincide with various developments surrounding Bitcoin, including its recent fourth halving event. Despite anticipation surrounding the event, its short-term impact on Bitcoin's price has been mixed. Bitcoin has slightly outperformed its previous halvings in the first few days, rising over 3% since the event. However, historical data suggests that while short-term impacts may vary, the long-term trajectory for Bitcoin remains bullish.

市場動態的變化與比特幣的各種發展相吻合，包括最近的第四次減半事件。儘管人們對這事件充滿期待，但它對比特幣價格的短期影響卻好壞參半。比特幣在減半前幾天的表現略好於先前的減半，自減半事件發生以來，比特幣上漲了 3% 以上。然而，歷史數據表明，雖然短期影響可能有所不同，但比特幣的長期軌跡仍然看漲。

One notable development following the halving was the sharp increase in transaction fees on the Bitcoin network. The average network fee surged to an all-time high of $146, exceeding Ethereum's average fee of $3 on the same day. This increase indicates a surge in demand for Bitcoin transactions.

減半後的一個顯著發展是比特幣網路上交易費用的急劇增加。平均網路費用飆升至 146 美元的歷史新高，超過了以太幣當天的平均費用 3 美元。這一增長表明對比特幣交易的需求激增。

Binance's Image Rehabilitation

幣安的形象修復

While Bybit and OKX have strengthened their presence in Asian markets, Binance has faced legal challenges, including a guilty plea to U.S. anti-money laundering and sanctions breaches by its co-founder Changpeng Zhao. Under new leadership by Richard Teng, a former Singaporean regulator, Binance is actively working to improve its image and regain credibility amid increased U.S. regulatory scrutiny. The exchange has implemented stricter token listing criteria and formed a board of directors as part of this effort.

雖然Bybit和OKX加強了在亞洲市場的影響力，但幣安卻面臨法律挑戰，包括其聯合創始人趙長鵬對其違反美國反洗錢和製裁規定的行為認罪。在前新加坡監管機構 Richard Teng 的新領導下，幣安正在積極努力改善自身形象，並在美國監管審查日益嚴格的情況下重拾信譽。作為這項努力的一部分，該交易所實施了更嚴格的代幣上市標準並成立了董事會。

Safe-Haven Dynamics

避險動態

Amid escalating geopolitical tensions in the Middle East, the demand for safe-haven assets has risen. However, Bitcoin has failed to attract significant inflows, with its value dropping by 6% in April. Traditional safe-haven assets like gold and the U.S. dollar have outperformed Bitcoin during this period.

隨著中東地緣政治緊張局勢不斷升級，避險資產需求上升。然而，比特幣未能吸引大量資金流入，其價值在 4 月下跌了 6%。在此期間，黃金和美元等傳統避險資產的表現優於比特幣。

Kaiko speculates that this could be due to the halving, which historically results in increased short-term volatility. The report acknowledges that a range of factors influence Bitcoin's performance during major market events.

Kaiko 推測這可能是由於減半造成的，從歷史上看，減半會導致短期波動性增加。報告承認，在重大市場事件期間，一系列因素會影響比特幣的表現。

Conclusion

結論

The decline of Binance's dominance in Bitcoin trading outside the U.S. is a testament to the evolving regulatory environment and the increasing competitiveness of the digital asset industry. Smaller exchanges are gaining ground, and Binance is facing pressure to address compliance concerns. As the regulatory landscape continues to evolve, it remains to be seen which exchanges will emerge as the dominant players in the global Bitcoin trading market.

幣安在美國境外比特幣交易中的主導地位的下降證明了監管環境的不斷變化和數位資產行業競爭力的不斷增強。較小的交易所正在取得進展，幣安面臨著解決合規問題的壓力。隨著監管環境的不斷發展，哪些交易所將成為全球比特幣交易市場的主導者還有待觀察。