The activity of users on centralized crypto exchanges fell drastically between August and January, according to CCData analysts.
The average monthly amount of transactions decreased by 74%, settling at $445 billion – the lowest level since December of 2022.
Similarly, the crypto futures and options market saw its trading volume drop by almost half to $1.5 trillion.
Binance still leads in all segments, however their superiority is being challenged by Coinbase and OKX. The DeFi decentralized finance market is mainly operated by Uniswap, a platform based on smart contracts which allows for algorithmic trading.
Kaiko’s report also points out that the amount of Bitcoin transactions has gone down by more than 60% since October of last year, which is likely the result of market makers having to reconsider their risk management strategies or leaving the market after the recent FTX crash.
