On November 1, COINOTAG reported significant insights from Coinbase’s latest Q3 2024 shareholder letter. The total trading volume on the platform decreased to $18.5 billion, representing an 18% decline from the previous quarter’s $22.6 billion. Notably, institutional investors dominated the market, contributing $15.1 billion—a substantial 81.6% of overall trading activity—underscoring their continuous influence in the crypto landscape.
When analyzing the composition of crypto transactions, Bitcoin maintained its lead with a trading share of 37%, marking a 2 percentage point increase from the prior month. Ethereum’s presence remained consistent at 15%, while USDT saw a recovery in its share, rising from 10% to 15%. In contrast, the combined share of other crypto assets dipped to 33%. Furthermore, Solana has gained traction, accounting for 11% of transaction revenue, highlighting its emerging role in the public chain ecosystem.
Despite the decline in total transaction volume, Bitcoin’s increased share illustrates its sustained attractiveness to institutional investors, particularly following the recent approval of Bitcoin ETFs. This trend reflects the asset’s resilience and the strategic positioning of investors in the evolving cryptocurrency market.