Trading volumes on leading crypto exchanges more than halved in a week
Trading activity down 82% on Huobi, 75% down on Bitfinex, and 60% off trading volume on Binance
Trading volumes on leading crypto exchanges have more than halved in a week, according to analytics platform Kaiko. The decline in volumes comes after one of the busiest weeks during the FTX crash, the report said.
Trading volumes on Huobi and Bitfinex dropped 82% and 75% respectively. The indicator fell by 56% on the Gemini exchange after it limited payments to its clients.
Trading volumes on Binance decreased by 60%. Also, the volume of transactions on the BitMEX, Binance US, Coinbase, Kraken and KuCoin platforms has decreased by more than half.
In addition to the reduction in trading on centralized platforms, Kaiko analysts noted a decrease in trading activity on the Uniswap V3 DEX platform. Its trading volume at the time of the FTX crash was over $4 billion, and has since fallen to less than $1 billion.
At the end of last week, it became known that amid the outflow of funds from centralized exchanges that occurred due to the collapse of FTX, DeFi platforms increased their income. At the same time, there was an increase in activity on decentralized platforms for trading futures and an increase in the revenue of DeFi protocols.
