Crypto exchanges based in the USA are slowly gaining ground. While the USA is one of the most liquid markets, with widespread crypto adoption, locally based exchanges have grown more slowly.
Despite this, according to Kaiko research, the share of US-based spot markets expanded from 8% to 15% in the past year. According to researchers, the US crypto market benefits from a stronger institutional presence, robust liquidity, and a diverse set of players.
US trading volumes were higher than those on offshore exchanges only before 2018, before Binance was created. In 2022, US-based exchanges had a small local peak of activity. Now, the US-based sector is showing signs of recovery, potentially reaching a higher baseline activity.
US-based exchanges traditionally have lower volumes than offshore markets, but Kaiko has noticed a recovery over the past year, with US spot volumes expanding from 8% to 15%. | Source:
Currently, offshore platforms still dominate and tap some of the traffic from US-based traders.
The USA has also improved its regulations, allowing local agents to expand activity without worries of regulatory crackdowns.
US spot exchanges signal market restructuring
Spot markets are the first to grow, as derivatives are still seen as riskier. In recent months, the US Commodities Futures Trading Commission (CFTC) has approved derivative trading and perpetual futures markets. The growth also accelerated after the CFTC approved trading in digital assets on officially registered local exchanges.
The US local market is also restructuring, bringing increased competition from offshore platforms and between centralized and decentralized markets. As Cryptopolitan reported, spot markets have been slowing down in the past five months following last October’s shock. For some market operators, local recovery is still possible.
Coinbase is the main driver of US spot trading, having adapted to local rules. For US-based traders, BTC liquidity depth is deeper and growing faster than on offshore exchanges. Lower counterparty risk and better oversight may prompt some users to abandon offshore exchanges if US-based exchanges offer better trading conditions.
US trading shows a recovery through the Coinbase premium
The US market has always been a major engine of crypto growth. During market downturns, Coinbase trading reflects sentiment immediately.
Between December 2025 and February, the Coinbase premium index showed that US traders slowed down their demand. In the past few weeks, the Coinbase premium returned to positive values.
Following the recent market recovery, BTC traded with a premium of around $30, or at $74,096 on Coinbase. Premiums fluctuate day by day and are not a reliable metric of recovery. However, a negative premium index can be a more reliable signal of bearish sentiment.
