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Coinbase and DeFi pose serious competition for traditional exchanges as Bitcoin ETFs beat gold by assets under management.
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Bitcoin (BTC) and cryptocurrency exchange Coinbase is beating Nasdaq in terms of revenue in 2024, the latest data shows.
Figures uploaded to X on Dec. 17 by Jamie Coutts, chief crypto analyst at investment firm Real Vision, show 12-month exchange revenue nearing $6 billion.
“Wild” data shows 2024 crypto trading explosion
Crypto markets’ Q4 transformation has led to the sector vying with Wall Street for supremacy when it comes to 2024 performance.
Coinbase, in particular, stands out, with its exchange revenue currently ranked fifth in the world.
At $5.75 billion over the past 12 months, Coinbase revenue is outpacing that of both the Nasdaq and CBOE, the data confirms.
“This is wild,” Coutts wrote while prefacing the numbers.
“Crypto is eating TradFi’s lunch.”
Global exchange data. Source: Jamie Coutts/X
Coinbase has thus generated 11% of global exchange revenue — more than double that of the combined decentralized exchange (DEX) sector, which nonetheless continues to expand rapidly.
“CEX and DEXs are growing 2.5-4x faster than TradFi,” Coutts summarized.
Going forward, 2025 should bring stiff competition from the traditional finance sector, while DeFi protocols could end up beating the returns of major cryptocurrencies such as Bitcoin and Ether (ETH).
“Obviously, the comparisons aren’t perfectly like-for-like (ie Fees = Revenues) but the point is this sector has been beaten down by regulatory neglect and/or punishment and is primed for a re-rating higher,” Coutts concluded.
Coinbase stock has doubled over the past three months, making it one of the few assets to top Bitcoin’s own gains, data from Cointelegraph Markets Pro and TradingView shows
Macro asset comparison chart. Source: Cointelegraph/TradingView
US Bitcoin ETFs beat gold
As Cointelegraph continues to report, the incoming Trump administration has made various promises when it comes to supporting and even embracing crypto.
Related: Bitcoin price eyes ’round number’ next as bulls run past $106K
Last week, Trump reiterated a desire not to cede ground to countries such as China on the issue, while subsequent reports of a strategic Bitcoin reserve caused renewed buzz over the weekend.
US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
Institutional interest in BTC meanwhile continues, with Dec. 16 seeing net inflows of more than $600 million to the US spot Bitcoin exchange-traded funds (ETFs).
Daily net inflows have now been positive since Nov. 27, data from UK-based investment firm Farside Investors confirms.
Vetle Lunde, head of research at crypto analytics firm K33 Research, reported that the US ETFs had flipped the country’s gold equivalents in terms of assets under management as of Dec. 16.
US Bitcoin vs. gold ETF comparison. Source: Vetle Lunde/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article first appeared at Cointelegraph.com News
