Transaction amounts on cryptocurrency CEXs fell by an average of 22% per month
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Johny Smith
2024/11/04
3 mins read
In September 2024, the digital coin market experienced a significant decline in trading volumes on major exchanges, which may indicate a weakening interest in speculative activity against the backdrop of macroeconomic factors and increased volatility. According to data from WuBlockchain, spot trading on major exchanges decreased by an average of 22% compared to the previous month.
Among the platforms that showed growth, the leaders were Crypto.com with an increase in trading volume by 34%, Bitfinex with an increase of 6% and Upbit with 2%. However, a significant drop in trading was observed at KuCoin (-66%), Coinbase (-44%) and BitMart (-42%). In addition, Binance lost 24.8%, while remaining the leader. The figures fell from $454.93 billion to $342.1 billion.
The situation in the derivatives market was similar: the total trading volume dropped by 20% over the month. Despite the decline, Crypto.com and MEXC showed growth – by 37% and 21%, respectively. Deribit, Bybit and Kraken, on the contrary, recorded a significant decrease in volumes, amounting to 45%, 37% and 34%, respectively. Binance lost 22.6%, taking 1st place with $1.24 trillion compared to $1.6 trillion a month earlier.
In addition to trading volumes, traffic on cryptocurrency exchange websites also decreased, decreasing by 4% compared to the previous month. Among the trading platforms that managed to increase traffic are: KuCoin (+12%), BitMart (+5%) and Bitget (+3%). The largest drop in traffic was observed in It will be a joke And Cooperativeboth of which lost about 21% of visitors, as well as Gate, which saw its traffic drop by 20%. Binance attracted 2% more than a month earlier, improving its performance from 53 million to 54.1 million.
A decrease in trading volumes and traffic could have several reasons. This could happen against the backdrop of economic instability and tightening monetary policy in the US and other countries, investors became more cautious. The drop in liquidity was also driven by unfavorable macroeconomic conditions, including high inflation and volatility in traditional markets.
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