Trading Volume on Centralized Exchanges Drops 20%: Report

In the third quarter of 2023, trader activity remained subdued. It wasn’t until early October that the first indicators of potential turbulence started to emerge.

The total amount of transactions in digital currencies on the top ten centralized Bitcoin exchanges decreased by around 20% from July to September.

The reported volume of spot trading was $1.12 trillion in the third quarter, a decline from the second quarter’s $1.42 trillion, according to CoinGecko.

Binance’s dominance on the exchange market dropped below 50%, while the share of UpBit and Bybit actually increased by 4.6% and 6.9% respectively.

Trading on popular decentralized exchanges (DEX) also decreased significantly by 31.2% to $105 billion.

The SushiSwap platform dropped out of the top ten DEX list.

The combined capitalization of the 15 major stablecoins decreased by 3.8% to $121.3 billion.