December CEX Data Report Reveals a Drop of 42.8% in Spot Trading Volume

• According to the details from the December CEX data report, there has been a sharp decline of 42.8% in the spot trading volume of major exchanges.
• The major exchanges that were affected include Phemex, Bitfinex, and Gate.
• The data was collected and released by Colin Wu.

Journalist Colin Wu recently shared the CEX data report for December 2022. The data reveals that there has been a sharp decline in spot trading volume on major exchanges by 42.8%.

The statistics from the report show that the decline is in terms of the month-on-month trading volume. Phemex (-76%), Bitfinex (-58%), and Gate (-57%) were the top three decliners.

Bitget (-8%), Crypto.com (-23%), and BitMart (-27%) had the smallest decreases when compared to the major exchanges. There has also been a 47.6% drop in derivatives trading volume on exchanges in December. The major three declines were Phemex -85%, Deribit -62%, and Bitfinex -60%. Crypto.com (-10%), MEXC (-25%), and Bitget (-28%) saw the smallest drops.

Data also shows that web traffic on major exchanges dropped 15.8% in December. Amid this declining trend, only two exchanges saw an increase in visits, namely Bitfinex +107%, and Bitget +58%. According to Colin Wu, the spot and derivatives data is from Coingecko, and the traffic data is from SimilarWeb.

Cryptocurrency exchanges took a toll when FTX collapsed recently. The fall of the exchange was an unfortunate and unforeseen event, and that caused panic, which induced a loss of trust in centralized exchanges.

Major exchanges, including Binance, were also under scrutiny. During this period, exchanges experienced millions in outflows as people started moving their funds out of the exchanges to cold wallets. Exchanges, on the other hand, have begun to implement transparency measures, such as the release of Merkle tree proof of reserves and the public disclosure of their hot and cold wallet addresses.