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Crypto Spot Trading Volume Sees Largest Percentage Rise in Two Years: CryptoCompare Report

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.


Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.