In January 2024, Russian users took leading positions in terms of visits to the cryptocurrency exchange Bybit, accounting for 23% of the total traffic. This statistic, provided by journalist Colin Wu, also highlights the activity of Russians on other platforms such as MEXC, Bitget, and HTX, where the share of Russian traffic was 19%, 11%, and 10% respectively. Ukrainian users were also active on HTX, making up 10% of the total visits.
In the same month, there was a 13% decrease in visits to the largest exchanges compared to December of the previous year, with the biggest drops in traffic at Huobi (32%), Bitfinex (22%), and Crypto.com (11%). At the same time, spot trading volumes increased by 2.6%, with Bitfinex (20%), Crypto.com, and Huobi (16% each) leading. Futures trading overall increased by 1.3%, with the largest growth at Bitget (28%), Crypto.com (15%), and MEXC (14%).
Following Binance's announcement of its departure from Russia, many Russian users began looking for alternative platforms, resulting in Bybit, HTX, KuCoin, and Gate.io recording an influx of new clients from Russia. Bybit has maintained the lead in the number of Russian visitors for the fourth consecutive month, highlighting changes in user preferences and the dynamics of the cryptocurrency market.
