June 16, 2024

Large cryptocurrency exchanges recorded a drop in traffic by more than a third

Large cryptocurrency exchanges recorded a drop in traffic by more than a third

Since June, cryptocurrency exchanges around the world have seen a steady decline in traffic. This is explicitevidence of declining interest in this asset class from retail traders.

An analyst from The Block analyzed 37 cryptocurrency exchanges and their monthly traffic for six months (the latest available data) and found that traffic has decreased by 37% since the beginning of summer. 

Cryptocurrency platforms analyzed in Septemberoverall there were 103.6 million monthly visitors, with the figure exceeding 150 million in June. The chart is topped by the Coinbase exchange, which received about 157 million visitors in a month, followed by Binance – almost 148 million. 

Large cryptocurrency exchanges recorded a drop in traffic by more than a third

The decrease in traffic also coincided with lowertrading volumes on these crypto sites. Among all the exchanges in question, Coinbase, Binance, BitMEX and Bithumb generally account for more than 50% of the total number of visits.

A similar trend is confirmed by studies of the analyst firm TokenAnalyst. According to her, the number of users of large crypto exchanges has been significantly reduced in recent months.