Crypto Trading Hits Busiest Pace Since June 2022
Spot trading volume on centralized crypto exchanges increased for the fourth consecutive month in January, reaching levels last seen in June 2022. The volume rose 4.45% compared to December, totaling $1.40 trillion, driven by renewed interest in digital assets following the approval of bitcoin ETFs. Bitcoin's price surged ahead of the ETF approval on January 10 but mostly fell afterward. Binance remains the largest crypto exchange by trading volume, with its volume rising 2.73% in January to $473 billion, despite a gradual decline in its market share due to regulatory issues. Coinbase's market share increased for the third consecutive month to 5.42%. Meanwhile, derivatives trading volumes declined by 2.79% to $3.25 trillion in January, marking the first decrease in four months.
