Despite
historically low returns in September, Bitcoin (BTC) ended the past month
exceptionally well. Unfortunately, the same cannot be said for major
centralized cryptocurrency exchanges whose spot trading volumes have declined
for another consecutive month.
According
to data gathered by Finance Magnates Intelligence, the total turnover
for the TOP 10 exchanges shrank by nearly $90 billion, or 25%. The decline was
even more severe on a yearly scale, amounting to 68%. So far, it was the worst
month in terms of volumes since the beginning of 2023.
The total
volume of the ten largest crypto exchanges fell to $270.89 billion in September
2023. A month earlier, this figure stood at $359.59 billion. The declines occurred
despite the rebound in Bitcoin prices and leading cryptocurrency assets over
the past month. When compared to the previous year, the depreciation is even
more severe. In September 2022, the total volume for these same exchanges was
$855.86 billion, 68% higher than the current value.
The
declines in September continue the depreciation observed in August. A month
ago, Finance Magnates reported that volumes shrank 13%
month-over-month (MoM) from $412.75 billion reported in July 2022 and 50%
year-over-year (YoY). Binance retained its dominant position from a market
share perspective, but its total share among the top 10 exchanges fell from 53%
to 48% in September 2023. Upbit remained in…
