According to a report by cryptocurrency research firm Kaiko, Bybit overtook Coinbase in March to become the second largest cryptocurrency exchange in the world after Binance. The launch of a spot bitcoin ETF in the United States helped Bybit double its market share from 8% in October 2023 to 16% in March. However, Kaiko's data shows that Coinbase did not benefit as much, growing only modestly by 1% over the same period. The report also noted that Bybit grew after the US Commodity Futures Trading Commission filed a lawsuit against Binance in March 2023. Kaiko said Binance's market share fell from 60% in October last year to 54% in March.