Leading crypto exchanges – including Binance, Coinbase, Bybit, Crypto.com, etc., – have witnessed a drastic decrease in monthly trading volume for February as the market cools down after Trump’s inauguration pump and crypto assets start to see huge sell-off.
Wu Blockchain’s February CEX Data Report shows that Binance has seen a drop of 17.4% in spot trading volume for February with the number reaching $646 billion, while it had accumulated $782.14 billion in January.
Similarly, Crypto.com has also recorded a nearly 30% drop in February spot trading volume while Bybit, Coinbase and Gate.io seeing a drop of 21.6%, 19.5% and 16%, respectively.
The drop also continues for futures trading with the total crypto futures trading volume dropping 17% in February, compared to that of January. Binance alone has marked a drop of 19.7% while Bybit, Bitget, Kucoin and Kraken are digesting significant drops of over 20% for the month.
In January, there was much anticipated event of Trump’s inauguration, which drove a huge uptrend in crypto markets, thus the trading volume reaching new highs. However, the month of February had significant pumps and dumps in Bitcoin price but it has lacked to match the total trading volume of January.
This drop also magnifies the outflows from the crypto industry after Trump’s inauguration. It mostly revolves around short-term traders and investors who ran into markets just to benefit with quick price upsurges until Donald Trump moves into the White House.
Besides trading volume, crypto exchanges have also seen a huge decrease in website traffic, which has dropped by 20% in February.
“The website traffic of major CEXs in February decreased by 20% compared to January. The top three CEXs in terms of change rate were HTX +45%, OKX +15%, and Bitget +6%. The bottom three CEXs were KuCoin -62%, Upbit -35%, and Coinbase -29%.” reads the report.
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