Centralized exchanges lose the spotlight as new data shows declines in trading volumes on popular crypto platforms.
Data provided by the crypto analysis firm Sentiment shows that Bitcoin held on exchanges has dropped to 5.84%, the lowest level since December 2017.
Spot and futures trading were reportedly in decline over the last few months as well.
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Specifically, futures trading on Binance, OKX, and Bybit have fallen by 24.1%, 21.7%, and 17.8%, respectively. Crypto.com, the long-established crypto platform, suffered a significant loss, with a 52.8% drop in futures trading.
The decrease in volume indicates the surge of bearish sentiment across major CEXs. It’s highlighted that the volumes on those exchanges entered the extended decline period since November last year – the matched timeline of FTX’s collapse.
The crash of FTX by the end of 2022 resulted in a spike in DEX trading volumes.
Observers noted a similar trend…
