New data from crypto reporter Colin Wu’s WuBlockchain has revealed that spot trading on major exchanges saw a significant increase of 57.8% month-on-month in January.
Upbit recorded the highest increase of 166% among the top three exchanges, followed by BitMart at 110% and KuCoin at 90%. The three exchanges that saw the smallest increases were Mexc at 4%, Bitget at 4%, and Gate at 10%.
In addition, derivatives trading on main exchanges also experienced a significant increase of 47.6% in January compared to the previous month. The top three exchanges that recorded the highest increases were Phemex at 190%, Bybit at 98%, and Gate at 85%.
Conversely, the three exchanges that experienced the smallest increases were Mexc, which actually saw a decrease of 28%, Huobi at 22%, and Crypto.com at 26%.
Despite some exchanges experiencing decreases in trading volume, overall, the report shows that web traffic on major exchanges increased by 4.5% in January compared to the previous month.
Upbit once again recorded the highest increase at 35%, followed by Deribit at 22% and Coinbase at 13%. However, Mexc, Huobi, and Gate.io saw the smallest increases, with Mexc recording a decrease of 43%, followed by Huobi at -33% and Gate.io at -22%.
The data indicates that while some exchanges saw little to no increase in trading volume or web traffic, many of the larger exchanges experienced a strong rebound in trading volume, particularly in the spot and derivatives markets.
Moreover, web traffic on these exchanges remained relatively stable, with several exchanges recording an increase in traffic. These findings suggest that, despite recent volatility in the crypto market, investor interest remains high and that many exchanges are still thriving.
