February marked significant drops in trading volumes on the major cryptocurrency exchanges worldwide, following a period of market cooling.
Spot Trading Volumes
According to Wu Blockchain's February report, Binance saw a 17.4% drop in spot trading volume, reaching $646 billion, compared to $782.14 billion in January. Similarly, Crypto.com recorded nearly a 30% drop in spot trading volume, while Bybit, Coinbase, and Gate.io saw drops of 21.6%, 19.5%, and 16% respectively.
Futures Trading
Futures trading also experienced a decline, with a total drop of 17% in February compared to January. Specifically, Binance marked a drop of 19.7%, while Bybit, Bitget, Kucoin, and Kraken registered significant drops of over 20% for the month.
Website Traffic Decline
Crypto exchanges also experienced a large decrease in website traffic. In February, visits dropped by 20% compared to January. Three major CEXs showed growth: HTX +45%, OKX +15%, and Bitget +6%. Meanwhile, the lowest were KuCoin (-62%), Upbit (-35%), and Coinbase (-29%).
February was a challenging month for cryptocurrency exchanges in terms of both trading volumes and website visits, likely influenced by the market instability early in the year.
