Cryptocurrency Trading Volume in Spot and Derivatives Markets Declines by More Than 11%

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CCData has observed a decrease in cryptocurrency market participation over the last few months.

Figures from August revealed that the total amount traded on spot and derivatives platforms dropped 11.5%, to $2.09 trillion, the lowest value since late summer 2022.

This decrease is attributed to the tighter control of Bitcoin exchanges after the failure of FTX in the fall. Spot market trading on centralized exchanges followed the trend, seeing a decrease of 7.78% to $475 billion – the lowest figure since March 2019.

On August 26, the amount of cryptocurrencies traded reportedly reached the lowest total since February 7, 2019 – $5.9 billion.

Despite this, Binance remained the largest platform, processing $183 billion of trades, however, its market share has fallen for six consecutive months.

Huobi was the one exception to the trend, multiplying its trading volume 46.5% to $28.9 billion, earning a 6.09% share of the spot market – the highest in October 2021.