Coinbase recorded around $76 billion in spot trading volume, sharply declining compared to the same quarter in 2022.
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The spot trading volume of Coinbase, one of the largest crypto exchanges in the United States, has dropped by more than half, highlighting a shift in interest in crypto trading.
Citing analysis from digital asset data provider CCData, mainstream media outlet Bloomberg reported on Oct. 11 that Coinbase registered around $76 billion in spot trading volume. Compared to its quarterly record for the third quarter of 2022, the new data shows a 52% drop in spot trading for Q3 2023.
According to the report, the new numbers are the lowest they’ve ever been since before Coinbase got listed on the Nasdaq Stock Market in 2021, which was also months before the prices of crypto were at their peak.
Despite the decline in its spot trading volume, the report noted that Coinbase gained market share in the last quarter as crypto exchange Binance came under increased scrutiny from regulators.
On Oct. 6, crypto exchange Binance’s spot market share dropped for the seventh consecutive month. The trading volume lost has reportedly been grabbed by competitor exchanges such as Coinbase, Bybit and DigiFinex.
Despite the lowering trade volumes and market shares for crypto exchanges, some crypto trading platforms have had success in terms of website traffic. While Binance and Coinbase saw sharp declines in terms of traffic, data back on Sept. 18 showed that exchanges such as OKX, HTX (formerly Huobi), Gate.io, CoinW, XT.com and Bitmart had notable increases in web traffic year-to-date (YTD). According to the data, HTX’s web traffic saw a 200% increase, while Gate.io and CoinW saw a traffic surge of 143% and 66% YTD, respectively.