The cryptocurrency exchange landscape continues to evolve at a rapid pace, with shifting market dynamics, user behavior trends, and platform innovations shaping the industry’s future. This week’s report highlights key developments across major exchanges, including shifts in trading volume, user engagement, and strategic moves like OKB’s proposed revenue-sharing model. As Bitcoin surged from $7,400 to over $10,350, regional exchange behaviors revealed important clues about where the momentum originated — and where it may be headed.
🔍 Market Overview: Signs of Recovery and Regional Divergence
Despite recent volatility, signs point to a gradual recovery in exchange traffic and user activity. While overall web traffic for some top-tier platforms dipped slightly, the broader trend suggests stabilizing interest and renewed investor confidence. Notably, Coinbase outpaced Huobi in pricing during Bitcoin’s latest rally, indicating strong demand from U.S.-based investors.
This regional divergence underscores a growing trend: compliant, regulated exchanges are gaining traction faster than legacy platforms, especially as global regulators tighten oversight. Meanwhile, alternative monetization models like trading mining have seen a sharp decline in relevance, signaling that short-term incentive schemes may no longer sustain long-term user engagement.
📊 Exchange Activity Highlights (Oct 21–27)
OKEx Announces Potential Shift in OKB Buyback Model
On October 25, Xu Kun, CTO of OKEx, revealed plans to include futures trading revenue in the OKB token buyback program. While implementation details and timelines remain unconfirmed, this move could significantly enhance value accrual for OKB holders by directly linking token economics to platform performance.
Additionally, the OKChain testnet is set to launch in early November, marking a critical step toward decentralization and broader DeFi integration.
Coinbase Hits Major Milestone
Since its founding in 2012, Coinbase has accumulated nearly **$2 billion in trading fees**, according to data released on October 24. Backed by top-tier investors like Andreessen Horowitz, Y Combinator, and Polychain Capital — with an $8 billion valuation — the U.S.-based exchange continues to solidify its position as a cornerstone of regulated crypto infrastructure.
Regulatory Progress: Luno Gains Full Approval in Malaysia
On October 23, Luno, a globally recognized exchange, received full approval from the Malaysian Securities Commission, reinforcing its compliance framework and expanding its operational scope in Southeast Asia — a region increasingly open to digital asset innovation.
Binance Explores Fiat-Crypto Debit Card
Also on October 23, Binance announced plans to launch a debit card tied directly to user exchange accounts, enabling seamless fiat-to-crypto transactions via third-party providers. This initiative aims to bridge traditional finance with digital assets, enhancing real-world usability.
Bittrex Relocates Headquarters to Liechtenstein
In a strategic shift toward regulatory clarity, Bittrex moved its headquarters from Malta to Liechtenstein on October 22. The international version, Bittrex International, will shut down on October 29, paving the way for the launch of Bittrex Global, a fully compliant trading platform designed to meet European regulatory standards.
Industry Employment Trends: Exchanges Dominate Talent Pool
According to The Block’s latest research (Oct 24), 42% of blockchain professionals work at cryptocurrency exchanges. This statistic highlights the sector’s dominance in employment and profitability — but also raises questions about innovation stagnation outside centralized trading platforms.
📈 Traffic & User Behavior Insights
Binance Web Traffic Declines Slightly
Data from Alexa shows that Binance averaged 1.024 million daily unique visitors (UV) this week — a 27.3% drop from the previous week. Page views (PV) also declined by 24.7%, reaching 5.939 million per day. Despite this dip, Binance maintains its leadership in market share and remains the most-visited crypto exchange globally.
Long-term trends show that Binance’s traffic floor has been rising steadily, suggesting underlying resilience and sustained user interest even amid market corrections.
Coinbase User Holding Patterns Reveal Market Sentiment
According to CryptoDiffer, BTC remains the most traded asset on Coinbase. Interestingly, lower-cap tokens like DAI (ranked #65 by market cap) and REP (#64) broke into the top 15 most-held assets — reflecting growing interest in stablecoins and prediction markets.
Holding duration provides deeper insight:
- ZRX: 135 days (longest hold)
- LTC, ETH, ETC: All over 100 days
- DAI: Just 1 day
- EOS: 4 days
These figures suggest that while speculative assets are traded quickly, core holdings remain concentrated in established projects.
💱 BTC/USD Market Share Shifts
Per CoinMetrics, Bitfinex once dominated BTC/USD trading volume but has since seen a steep decline since May 2019. By September, both Coinbase and Bitstamp had surpassed it — with Coinbase taking the lead early in the year.
This erosion of dominance may continue; Kraken is poised to overtake Bitfinex if current trends persist. The shift reflects increasing trust in transparent, regulated exchanges over less-disclosed platforms.
⚙️ The Decline of Trading Mining Models
A recent report by CryptoCompare reveals a dramatic downturn in trading mining model (TFM) adoption. In September 2019, TFM-based exchanges recorded $174.92 billion in trading volume — a 53.4% drop from August.
This steep fall indicates that users are prioritizing reliability, security, and long-term value over short-term incentives. The era of “volume farming” appears to be waning as the market matures.
🪙 Platform Token Performance: OKB Shines Amid Market Surge
While Bitcoin surged over 39% this week — rising from $7,400 to $10,350 — most platform tokens underperformed relative to BTC.
However, standout performers included:
- OKB: Over 30% weekly gain
- KCS (KuCoin Shares): Also up more than 30%
BNB and HT showed more muted movements despite Binance and Huobi maintaining strong traffic and user bases.
According to Coingecko data, OKB’s strong performance may be linked to market anticipation around the proposed inclusion of futures revenue in buybacks — a move that could redefine utility for exchange-native tokens.
🧠 Analyst Insights
1. Coinbase Price Leads Huobi During Rally
At the first major peak on October 25 at 11 PM UTC:
- Huobi BTC price: $8,491
- Coinbase BTC price: $8,602
During the next high on October 26:
- Huobi: $10,350
- Coinbase: $10,540
This consistent premium on Coinbase suggests stronger buying pressure from U.S. investors — possibly driven by institutional inflows or retail adoption through compliant channels.
Given that Coinbase primarily serves American users while Huobi focuses on domestic Chinese traders, the pricing gap reflects divergent regional demand patterns.
2. Exchanges Remain Most Profitable Sector
With nearly half of blockchain professionals employed at exchanges, the sector remains one of the most lucrative in the industry. This concentration reflects both ecosystem strength and a lack of scalable business models elsewhere in the space.
While decentralized finance (DeFi) and NFTs have shown promise, none have yet matched the consistent revenue generation of centralized exchanges through spot, futures, and staking services.
❓ Frequently Asked Questions (FAQ)
Q: Why did Coinbase price Bitcoin higher than Huobi?
A: Differences in local demand, liquidity depth, and regulatory environment can create short-term price discrepancies between exchanges. A higher price on Coinbase suggests stronger U.S.-based buying pressure during the rally.
Q: What does “futures revenue included in OKB buybacks” mean?
A: It means a portion of profits from OKEx’s derivatives trading could be used to repurchase and burn OKB tokens, increasing scarcity and potentially boosting long-term value for holders.
Q: Is trading mining still viable?
A: Current data shows a steep decline in TFM-based exchange volumes. Users now favor platforms with sustainable models over those offering temporary rewards.
Q: Why is Bittrex moving to Liechtenstein?
A: To comply with stricter European financial regulations and offer enhanced legal clarity for users. Liechtenstein offers a progressive regulatory environment for blockchain firms.
Q: How important are platform tokens like OKB and BNB?
A: These tokens offer utility such as fee discounts, voting rights, and access to exclusive offerings. Strong tokenomics — like buybacks tied to revenue — can drive long-term appreciation.
Q: Will Bitfinex lose relevance?
A: Its declining BTC/USD market share is concerning. Without significant improvements in transparency or product innovation, it risks being overtaken by more compliant competitors like Kraken or Coinbase.
As the crypto market matures, exchanges are not just trading venues — they’re becoming financial ecosystems. Innovations like revenue-sharing tokens, global compliance frameworks, and integrated financial products are redefining what it means to be a digital asset platform in 2025 and beyond.