離岸比特幣交易格局調整：幣安在激烈競爭中失去市場份額

離岸比特幣交易市場正在多元化，由於競爭加劇以及零費用促銷活動的取消，幣安的市場份額從 81.3% 縮減至 55.3%。受益於交易量的不斷擴大以及對亞洲等地區的關注，Bybit 已成為領先者，佔據了非美國比特幣交易量的 9.3%。幣安面臨與美國監管機構 43 億美元交易帶來的監管挑戰，加劇了競爭格局，並促使其營運重新評估。

Offshore Bitcoin Trading Diversification Reshapes Market Landscape

離岸比特幣交易多元化重塑市場格局

Binance's Market Share Declines Amidst Intensified Competition

競爭加劇，幣安市佔率下降

The offshore Bitcoin trading landscape has undergone a significant shift in recent times, characterized by increased diversification and a notable decline in Binance's market share. This evolving landscape has witnessed the emergence of Bybit as a leading player, capitalizing on expanding trading volumes and shifting dynamics.

近年來，離岸比特幣交易格局發生了重大轉變，其特點是多元化程度的提高和幣安市場份額的顯著下降。這種不斷變化的格局見證了 Bybit 作為領先者的崛起，利用不斷擴大的交易量和不斷變化的動態。

Binance's Diminishing Market Share

幣安市佔率不斷下降

Over the past year, Binance's dominance in Bitcoin trading outside the U.S. market has experienced a substantial decline. Its market share has dropped from 81.3% to 55.3%, reflecting increased competition subsequent to the removal of its large-scale Bitcoin zero-fee promotion. This downward trend is not limited to Bitcoin alone; smaller altcoins have also experienced a decline in Binance's market share, falling from 58% to 50.5% as indicated by data from Kaiko.

過去一年，幣安在美國市場以外的比特幣交易中的主導地位經歷了大幅下滑。其市佔率從 81.3% 下降至 55.3%，反映出大規模比特幣零手續費促銷取消後競爭加劇。這種下降趨勢不僅限於比特幣； Kaiko 的數據顯示，較小的山寨幣的市佔率也出現了下降，從 58% 下降至 50.5%。

Growing Competition and Shifting Dynamics

日益激烈的競爭和不斷變化的動態

Analysts attribute these shifts to the intensifying competition in the market, where smaller exchanges are gaining traction and capitalizing on the recovery of trading volumes. Notably, platforms such as Bybit and OKX are expanding their presence, particularly in regions like Asia. Bybit's share of non-U.S. Bitcoin trading has surged from 2% to an impressive 9.3%, while OKX has witnessed an increase from 3% to 7.3%. Other exchanges, including Bullish, MEXC, and Bithumb, have also observed significant growth, bolstering the competition.

分析師將這些轉變歸因於市場競爭的加劇，規模較小的交易所正在獲得吸引力並利用交易量的恢復。值得注意的是，Bybit 和 OKX 等平台正在擴大其影響力，特別是在亞洲等地區。 Bybit 在非美國比特幣交易中的份額已從 2% 飆升至令人印象深刻的 9.3%，而 OKX 則從 3% 增加至 7.3%。 Bullish、MEXC 和 Bithumb 等其他交易所也出現了顯著成長，加劇了競爭。

Binance's Challenges and Regulatory Implications

幣安的挑戰與監管影響

In addition to the competitive landscape, Binance faces challenges stemming from a $4.3 billion deal with U.S. regulators. This agreement has imposed certain restrictions on the exchange, leading to a reevaluation of its operations within the United States. Binance's Chief Operating Officer, Noah Perlman, acknowledges the monitoring agreement with U.S. regulators as a source of challenges for the exchange. Despite reservations, Binance views this deal as an opportunity for improvement and vows to enhance its existing programs and procedures. Nevertheless, the exchange now operates under the scrutiny of U.S. authorities, acting as an "authorized referee" in its affairs.

除了競爭格局之外，幣安還面臨與美國監管機構達成的 43 億美元交易帶來的挑戰。該協議對交易所施加了一定的限制，導致其在美國境內的業務重新評估。幣安首席營運長諾亞·帕爾曼（Noah Perlman）承認與美國監管機構的監管協議是該交易所面臨的挑戰之一。儘管有所保留，幣安仍將這筆交易視為改進的機會，並誓言加強其現有的計劃和程序。儘管如此，該交易所現在在美國當局的審查下運作，在其事務中充當「授權裁判」。

Implications for the Bitcoin Trading Landscape

對比特幣交易格局的影響

The evolving dynamics of Bitcoin trading underscore the ever-changing nature of the cryptocurrency exchange industry. Binance's declining market share and Bybit's rapid emergence exemplify the fierce competition within the market. As traders explore alternative platforms, exchanges must adapt their strategies to remain relevant and cater to evolving user preferences.

比特幣交易不斷變化的動態凸顯了加密貨幣交易行業不斷變化的性質。 Binance市場佔有率的下降和Bybit的快速崛起說明了市場內部的激烈競爭。當交易者探索替代平台時，交易所必須調整其策略以保持相關性並迎合不斷變化的用戶偏好。

The rise of Bybit and other competitors showcases the significance of factors such as competitive fee structures, innovative features, and enhanced user experiences. Established exchanges must reevaluate their offerings and prioritize user-centric approaches to maintain their competitive edge in this rapidly evolving landscape.

Bybit 和其他競爭對手的崛起展示了競爭性費用結構、創新功能和增強的用戶體驗等因素的重要性。成熟的交易所必須重新評估其產品，並優先考慮以用戶為中心的方法，以在這個快速發展的環境中保持競爭優勢。

Conclusion

結論

Binance's Bitcoin market share has experienced a significant decline as offshore markets diversify. Increased competition, coupled with the removal of Binance's zero-fee promotion, has contributed to this shift. In contrast, Bybit and other exchanges have emerged as frontrunners, capitalizing on expanding trading volumes and gaining traction in regions like Asia. Binance's challenges are further compounded by regulatory restrictions imposed by its agreement with U.S. regulators. As the cryptocurrency exchange landscape continues to evolve, exchanges must adapt to changing market dynamics, prioritize user experiences, and innovate to secure their positions in this fiercely competitive environment.

隨著離岸市場多元化，幣安的比特幣市場份額大幅下降。競爭的加劇，加上幣安零費用促銷活動的取消，促成了這項轉變。相比之下，Bybit 和其他交易所已經成為領跑者，利用不斷擴大的交易量並在亞洲等地區獲得吸引力。與美國監管機構達成的協議所施加的監管限制進一步加劇了幣安面臨的挑戰。隨著加密貨幣交易所格局的不斷發展，交易所必須適應不斷變化的市場動態，優先考慮用戶體驗，並進行創新，以確保自己在激烈的競爭環境中佔有一席之地。