Coinbase’s Spot Trading Volume Slid 52% in Last Quarter

In the third quarter of 2023, the total spot exchange volume on Coinbase totaled $76 billion, marking a 52% decrease compared to the same period in the previous year, as reported by CCData.

This decrease in volume was notable in the exchange’s history, yet it continued to dominate the spot market.

Coinbase, known for its status as one of the largest Bitcoin holders, currently controls 5% of the total digital currency supply, equating to 947,755 BTC.

The diminishing trading volume on the platform may be due to increased regulatory scrutiny, resulting in Binance, another top exchange, losing some of its market share to other competitors like Coinbase.

However, recent reports suggest that overall interest in Bitcoin exchanges has weakened among internet users, with a significant drop in traffic in September.

Analysts speculate that this trend may reverse in October, with renewed interest in cryptocurrency trading platforms expected.