The spot trading volume of Coinbase, one of the leading cryptocurrency exchanges in the United States, has declined significantly, indicating a shift in the crypto trading landscape.

As per data provided by digital asset analysis firm CCData, Bloomberg reported on October 11th that Coinbase recorded approximately $76 billion in spot trading volume during the third quarter of 2023. This represents a notable 52% decrease compared to its record high in the third quarter of 2022.

According to the report, these new figures mark the lowest trading volumes for Coinbase since before the exchange went public on the Nasdaq Stock Market in 2021. This decline comes as the crypto market has seen changes in sentiment and activity since the peak price levels witnessed in previous months.

Crypto exchange Coinbase spot trading volume in billions of dollars.

Despite a decrease in its spot trading volume, the report highlighted that Coinbase managed to expand its market presence during the last quarter, capitalizing on the heightened regulatory scrutiny faced by the crypto exchange Binance.

As of October 6th, Binance's market share in the cryptocurrency spot market has steadily declined for the seventh consecutive month. Competing exchanges like Coinbase, Bybit, and DigiFinex have reportedly absorbed the trading volume that Binance has lost.

Despite the decrease in trade volumes and market shares for cryptocurrency exchanges, certain crypto trading platforms have managed to achieve success in terms of website traffic. While Binance and Coinbase experienced significant drops in their web traffic, data from September 18th indicated that exchanges like OKX, HTX (formerly known as Huobi), Gate.io, CoinW, XT.com, and Bitmart witnessed noteworthy increases in their year-to-date (YTD) web traffic. According to the data, HTX's web traffic recorded an impressive 200% growth, while Gate.io and CoinW saw substantial surges of 143% and 66% YTD, respectively.