Kaiko announced that Bybit’s USDC market share has decreased significantly, dropping from 38% in October to just 8%. This decline follows the reintroduction of trading fees on USDC pairs and the phase-out of USDC-settled options and futures. The announcement was made on their website on February 10.
According to Kaiko, Bybit’s market share reduction coincides with Binance capturing 49% of global USDC volume, marking its highest share since September 2022. Bybit’s phase-out of USDC-settled derivatives is expected to be completed by the end of the month, further impacting USDC trading dynamics.
Cointelegraph reports that Bybit has temporarily suspended services in multiple countries due to regulatory developments. In January 2025, the exchange halted operations in India, preventing users from opening new trades or accessing products while allowing withdrawals to continue. Similarly, Bybit ceased withdrawal and custody services for French users by January 8 amid stricter regulations.
Bybit, founded in 2018 by Ben Zhou, is a cryptocurrency exchange focused on derivatives and spot trading. Headquartered in Dubai, the platform offers perpetual contracts, futures, and other trading products to retail and institutional users.
Founded in 2014, Kaiko provides cryptocurrency market data, analytics, and indices to businesses. The company offers institutional-grade and regulatory-compliant solutions by collecting, normalizing, storing, and distributing digital asset data through live stream WebSocket and cloud-based feeds. Kaiko is headquartered in Paris with offices in New York, London, and Singapore.
