Apr 2023 Spot Trading Volume of Top 10 Crypto Exchanges Sees Decline Across the Board, Max Drop Hits 48.48%
Fazzaco compiled the trading volume statistics (spot) of the top 10 crypto exchanges since April 2023. The data shows that the booming market of the crypto circle since January 2023 has come to a pause, and all exchanges in the article have seen decline this month. Specific data is as follows:
Binance, the world's largest cryptocurrency exchange by volume, saw its spot trading volume in April drop by 48.48% month-on-month to US$286.61B, a staggering decline.
Binance has had a lot of bad things going on recently. In early May, the U.S Department of Justice started trying to establish if Binance has been used to allow Russians to evade Western sanctions; a little bit earlier, the exchange quietly lifted restrictions on Russian citizens and residents it had imposed over a year ago.
Upbit is one of the largest cryptocurrency exchanges in South Korea. In April, its spot trading volume was US$59.32B, down 11.18% from US$66.79B in March. Upbit also had the smallest decline among the top 10 exchanges in this month's recap.
As an important market for crypto trading, South Korea has seen some unsettling news last month. Gdac, another crypto exchange in this country was hacked for nearly $13 million on April 9, Fazzaco reported.
OKX
OKX's spot trading volume in April was US$35.96B, down 37.38% from US$57.43B in March.
Coinbase, the leading exchange in the US, had a spot trading volume of US$34.83B in April, down 29.45% from US$49.37B in March.
However, Coinbase unveiled that it has narrowed its net loss significantly in the first quarter of 2023, which fell 605% from Q4 2022's $557 million to $79 million.
Gate.io, a crypto exchange that was first established in China in 2013 and later moved to the Cayman Islands, had a spot trading volume of US$29.2B in April, down 31.84% from US$42.84B in March.
Kucoin, an offshore-regulated crypto exchange, had a spot trading volume of US$20.21B in April, down 17.34% from US$24.45B in March.
Bybit, a cryptocurrency exchange based in Dubai, UAE, had a spot trading volume of US$19.49B in April, down 23.42% from US$25.45B in March.
Kraken's spot trading volume in April was US$15.96B, down 43.14% from US$28.07B in March.
Huobi's spot trading volume in April was US$15.15B, down 18.81% from US$18.66B in March.
Bithumb, another South Korean cryptocurrency exchange along with Upbit, had a spot trading volume of US$7.62B in April, down 34.76% from US$11.68B in March.
The data shows that April 2023 was a tough month for the crypto spot trading market, as all of the top 10 exchanges saw their spot trading volumes drop significantly. This could be linked to the growing popularity of crypto derivatives trading. Binance still dominates the derivatives trading scene, with a whopping 61.4% of the market share. OKX and ByBit are not far behind, taking the second and third spots with 15% and 14.6% of the market share respectively.
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