FTX overtook Coinbase's spot in May as the second biggest centralized crypto exchange in terms of market share, according to data compiled on The Block Research.
The dominant player in the market was still Binance by far, which commanded a 64.1% share, followed by FTX (10.8%) and Coinbase (9.6%) during the monthly period.
Coinbase has recently faced some struggles, posting a net loss of $430 million for Q1 2022 and falling on the stock market by roughly 36% in May.
The company has pointed toward current market conditions — with declining prices in crypto across the board — as a driver for its most recent results, as well as a reason to tread with caution. It recently announced that it was slowing hiring and launching an initiative to cut spending.
Last week, Coinbase became the first crypto company to enter the Fortune 500.
After Coinbase, the most popular centralized exchanges during the period were Kraken (3.7%), Bitfinex (2.6%), and LMAX Digital (2.6%).
Overall, crypto trading volumes increased by 19.6% in May, hitting in total of $830.4 billion, according to The Block's legitimate volume index.