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The State of the European Crypto Market 

2023 Trends in Trading Activity

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The European crypto market is well-positioned for growth in 2024 following a difficult year for the industry. This report explores regional crypto market trends, with a focus on the dominant exchanges and trading activity in the EU.


Part 1: The Euro’s Role in Crypto

Part 2: European Crypto Exchanges

Part 3: European Token Trends

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Pt. 1: The Euro’s Role in Crypto

Historically, the euro has lagged other fiat currencies in usage on crypto platforms. Yet, given the significant headwinds that U.S.-based exchanges are facing we can expect a more prominent role for the euro in 2024.

Euro-denominated volume is rebounding, hitting €10.1bn in November

Market share of EUR volume relative to USD has more than doubled to 17.2%.

Pt. 2: European Crypto Exchanges

Over the past year, we’ve seen a growing number of exchanges establish European headquarters to cater for the regions large consumer trading community.

Just five exchanges account for 97% of euro-denominated volume, with Bitvavo possessing the largest share in November.

In 2023, Bitvavo claimed the largest cumulative euro volumes at more than €26bn, with Kraken in a close second at €25bn.

Pt. 3: European Token Trends

European traders by far favored bitcoin in 2023, which enjoyed significant gains throughout the final quarter of the year.

More than €32bn in trades were done for BTC, compared with just €13.2bn for ETH and €8.7bn for XRP.

Kraken and Bitvavo each list more than 200 euro pairs, and both have the highest euro-denominated volume.

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This research report was paid for by Bitvavo, but written independently by Kaiko. This content is for informational purposes only, does not constitute investment advice, and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. For any questions, please email research@kaiko.com.