Spot Trading Volume Plummets
The spot trading volume of Coinbase, one of the largest crypto exchanges in the United States, has dropped by more than half, indicating a change in interest in crypto trading. According to analysis from digital asset data provider CCData, Coinbase recorded around $76 billion in spot trading volume. This represents a 52% decrease compared to its previous quarterly record for Q3 2022.
All-Time Low Since Nasdaq Listing
These new numbers mark the lowest spot trading volume for Coinbase since before its listing on the Nasdaq Stock Market in 2021. The decline comes months after the peak of crypto prices.
Market Share Gain
Despite the drop in spot trading volume, Coinbase managed to gain market share in the last quarter, thanks to increased regulatory scrutiny faced by its competitor, Binance.
Binance Loses Market Share
On October 6, Binance experienced a seventh consecutive month of decreasing spot market share. The trading volume lost to Binance has reportedly been taken up by other competitor exchanges, including Coinbase, Bybit, and DigiFinex.
Website Traffic Success
While trade volumes and market shares declined for some crypto exchanges, certain trading platforms saw success in terms of website traffic. OKX, HTX, Gate.io, CoinW, XT.com, and Bitmart all experienced notable increases in web traffic year-to-date. HTX's web traffic saw a 200% increase, while Gate.io and CoinW saw traffic surges of 143% and 66% YTD, respectively. Meanwhile, Binance and Coinbase saw sharp declines in website traffic.
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