Compared to November 8, when daily trading volume on Binance surpassed $172 billion, the latest data showed a drop of more than 94.5%. With the holiday season approaching and the bear market underway, trading volumes on most centralized exchanges have taken a hit.
Data from Nomics also showed that Coinbase’s daily trading volume has dropped to its lowest level since November 2020, to just $1 billion in the past 24 hours. Likewise, the daily crypto trading volume on OKX has dropped to $4.35 billion in the past day, the lowest since April 2021.
According to research published by CoinGecko, crypto derivatives trading volume on exchanges has dropped 24% since the FTX crisis. One possible reason for the fall in trading volume is that traders have stopped or reduced their trading activity since the crash of many crypto projects. Furthermore, the study added that overall trading activity also slows down toward the end of the year.
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