Crypto Exchanges Capture 14.98% of Comex Silver Market Share

The trend is not limited to silver. Tokenized gold—digital assets backed by physical gold reserves—has achieved a level of activity that effectively eclipses several established regional exchanges. During the month of March 2026, the trading volume of tokenized gold on crypto platforms reached a staggering 401% of the volume recorded on the Tokyo Commodity Exchange (TOCOM). Simultaneously, these platforms achieved 216% of the volume handled by the Dubai Gold & Commodities Exchange (DGCX).

This data point is particularly significant for institutional observers. It suggests that for a growing segment of the market, the convenience and portability of tokenized gold have superseded the regulatory security of legacy exchanges. The ability to trade fractions of gold with near-instant settlement is proving to be a powerful catalyst for retail and institutional traders alike.

Market Implications and Liquidity Gaps

While the growth figures are impressive, the migration to crypto-based commodities is not without risk. Binance Research points to persistent liquidity gaps as a critical factor for market participants to monitor. While trading volume is high, the depth of the order books on many crypto platforms remains inferior to the centralized clearinghouses of traditional exchanges. This can lead to increased slippage and heightened volatility during periods of market stress.

For traders, this creates a nuanced environment. Arbitrage opportunities between these crypto-native markets and traditional exchanges are likely becoming more frequent, yet the execution risks associated with lower depth require a sophisticated approach to trade sizing and order management.

What to Watch Next

As 2026 progresses, the critical question is whether this trend is a temporary deviation or a permanent shift in market microstructure. Investors should watch for increased regulatory scrutiny regarding tokenized commodities, as traditional exchanges lean on regulators to level the playing field. Furthermore, as crypto exchanges continue to scale, the narrowing of liquidity gaps could potentially trigger an even more aggressive migration of capital, forcing legacy exchanges to innovate their own trading models to remain competitive.