In August 2023, the total trading volume on centralized crypto exchanges (CEX) fell by 11.5%, with spot market trading volume hitting its lowest level in three years.
According to the latest report from CCData, trading volume on CEXs fell to $2.09 trillion in August 2023, while spot trading volume on centralized exchanges dropped by 7.8% to $475 billion.
Analysts concluded that the decline in trader activity on CEXs has been evident for months, but in August, spot trading volume on centralized exchanges fell to February 2019 levels. Even Grayscale’s victory in the case against the Securities and Exchange Commission (SEC) failed to revive the market.
Additionally, derivatives trading volumes on CEXs also saw a drop, falling 12.3% to $1.62 trillion in August, the report said. The figures were the lowest since December 2022.
Binance remains the largest exchange in terms of spot trading volume, with $183 billion in turnover, but its market share fell to 38.5% in August. The performance of other major CEXs also declined, with Crypto.com and BeQuant’s market shares down to 0.76% and 1.37%, respectively. At the same time, despite the general decline, trading volume on the Huobi exchange grew by 46.5% to $28.9 billion. Thus, Huobi’s market share reached 6.09%, making it the second largest exchange after Binance.
Back in Q2 2023, the volume of spot trading on the top 10 CEXs amounted to $1.42 trillion.