According to ChainCatcher, according to a report by cryptocurrency research company Kaiko, Bybit surpassed Coinbase in March this year to become the world's second largest cryptocurrency exchange, second only to Binance. The launch of the spot Bitcoin ETF in the United States has helped Bybit's market share double from 8% in October 2023 to 16% in March. In contrast, Coinbase only grew slightly by 1% during the same period.

The report also noted that Bybit experienced significant growth after the U.S. Commodity Futures Trading Commission filed a lawsuit against Binance in March 2023. Kaiko data shows that Binance’s market share fell to 54% in March from 60% in October last year. Bybit has further expanded its market share by attracting more users through low transaction fees and a growing derivatives offering. Bybit was founded in Singapore and its current headquarters has moved to Dubai.