Trading volume on centralized exchanges plunged 42% in December

The volume of spot trading on centralized platforms in December 2022 collapsed immediately by 42.8% compared to November. In the futures market, the fall is even stronger – 47.6%. Phemex saw the largest drop in trading volume, from $8.8bn to $2.1bn (-76%). Also, a significant drop was recorded on the Bitfinex (-58.2%) and Gate (57.2%) sites. Major exchanges Binance and Coinbase lost 44.3% and 42.2% of trading volume respectively. The total trading volume on the spot market in December amounted to $512 billion. For comparison, in November, the figure reached $895 billion. The futures market collapsed from $2,762 billion to $1,447 billion and lost 47.6% of trading volume.. The largest drop in the indicator was again recorded on the Phemex exchange – contracts for $ 20 billion were traded in December, which is 85.3% less than a month earlier. Also, Deribit and Bitfinex exchanges lost more than 60% of the trading volume. It should be noted that the attendance of cryptocurrency exchange websites also decreased, but here the drop in the indicator is less significant.. If in November the number of visits to the websites of centralized cryptocurrency exchanges amounted to 209 million, then in December the figure dropped to 176 million.. The fall was 15.8%. At the end of December, it was reported that daily trading volume on the spot market fell below $10 billion.. This has not happened since December 2020.