According to CryptoCompare, bitcoin spot trade volumes climbed 57.9% to $860 billion, the largest percentage gain since January 2021.
In CryptoCompare’s January 2023 Exchange Review report, Top-Tier exchanges (those with a Benchmark grade between AA and B) saw their trading volumes climb 58.6% to $800 billion, while Lower-Tier exchanges saw their volumes rise 49% to $59.9 billion.
Despite the positive improvement, trade volumes “still continue at historically low levels,” the study states. Top-Tier cryptocurrency exchanges currently account for 9% of spot volume, the greatest market share ever recorded by CryptoCompar.
According to the research, multiple exchanges saw USD-based trade volume rise 70.3% to $2.90t trillion in January.
Bybit was the only derivative exchange to rise month-over-month by 115% to $301 billion in trading volume. Bybit became the second-largest derivative exchange after Binance with 14.6% market share.
The research notes that USDT-based BTC spot trade increased 37.0% to 10.5 million BTC last month. BTC/BUSD trading volume surged 27.4% and 33.5% to 4.67 million BTC and 2.26 million BTC, respectively.
The researchers ascribed this spike to Binance’s trading activity after FTX’s collapse. USDC rose 29.3% to 101,000 BTC, a stablecoin favorite.
The paper covers bitcoin futures and options. Last month, CME’s ETH futures volume climbed 68.2% to $8.09 billion, while BTC volume rose 57.2% to $20.8 billion. ETH and BTC futures rose 60.1% to $28.9 billion, excluding Micro Futures.
