Russians emerged as leaders in terms of visits to exchanges such as Bybit, MEXC, and HTX, as highlighted by Colin Wu. The Russian Federation accounted for 19% of total visitors on Bybit in October, 12% on MEXC, and 11% on HTX.
Based on the journalist’s calculations, the overall traffic on cryptocurrency exchanges witnessed a growth of more than 20% in December compared to the previous month. Spot trading volumes experienced an increase of 27.4%, with Gate.io (65%), Crypto.com (50%), and Bybit (44%) experiencing the highest monthly growth.
Furthermore, futures trading registered a growth of 22.3%, with Crypto.com (46%), Bidget (42%), and Binance (26%) emerging as the leaders in this category.
Colin Wu’s research also revealed that the exchanges Coinbase (59%) and Crypto.com (27%) recorded the highest monthly share of visitors from the United States.
In November, Wu previously reported that after Binance, the largest cryptocurrency exchange, exited the Russian market, Bybit, based in Dubai, became the most favored platform in the country with a 20% market share of Russian users, as per Wu Blockchain.
Towards the end of 2023, Bybit observed significant liquidity in the currencies of countries that Russians are increasingly considering for emigration, including Armenia, Georgia, and Turkey.