Centralized exchanges have won back trading volumes
Date: 2023-07-11 Author: Karina Ziganova Categories: BUSINESS, IN WORLD
Spot trading volume on the largest centralized crypto exchanges (CEXs) increased by 10.4% in June compared to the previous month. This is stated in the report of the Chinese journalist Colin Wu.
The top three crypto exchanges in terms of the most notable changes were Bitmart (61%), Upbit (48%) and Bybit (35%). Crypto platforms Crypto.com (-18%), Huobi (-17%), and MEXC (-11%) have the worst dynamics.
In addition, the trading volume of the futures market on key CEXs in June increased by 9.5% compared to the previous month. Bitmart (46%), Deribit (15%) and Kucoin (14%) showed the best growth results. The three worst were Crypto.com (-29%), Gate (-17%) and Bitmex (-5%).
Website traffic is declining
Despite the increase in trading volumes in June, traffic to the websites of major centralized exchanges decreased by 8% compared to May. The leaders in terms of visitor growth were Deribit 46%, OKX 11% and Bybit 5%. The top three outsiders are Huobi (-37%), Bitget (-29%), and Bitfinex (-27%). However, in general, attendance decreased by 8%.
U.S., Americans led the way in visits on five of the 14 websites. The most popular platform was Coinbase.
CEX Four-Year Low
The increase in trading volume in June followed a record low in May. Then the trading volume on the largest CEXs fell to the lowest level in the last four years, falling by 15.7%. A similar situation was in April, when the total trading volume on the leading platforms halved to $500 billion.
Analysts attributed such indicators to regulatory pressure on the industry. Cryptocurrency exchange Binance was particularly affected, losing part of its market share. Overall, they expect a continued decline in trading volume as markets hit overheating in the first quarter of 2023.
