Spot Trading Volume on Centralized Exchanges Falls 19% to Hit 3-Year Low 

September marked a downtime for centralized exchanges (CEXs) as their combined spot trading volume fell 19.3% month-on-month, with $327,986,909,138 traded.

According to the data insight shared by Colin Wu, the total traded spot volume on CEXs fell from $406,301,497,249 recorded in August. This shift saw a considerable drop due to a steep slump recorded by several individual exchanges that control large amounts of liquidity.

Exchanges Spot and Future Performances

The data presented KuCoin as the CEX with the most significant MoM volume slip. Its spot volume slumped from $9,930,587,232 to $6,748,287,969, representing a 32% drop. Binance and Huobi are among the three trading platforms with the biggest declines for September.

The ongoing legal battle with the US SEC likely fueled Binance’s slip by 29.7% from $189,759,502,080 to $133,376,698,042. Similarly, Huobi dropped 25.2% from $31,291,775,207 in August to $23,401,029,043 in September. 

One notable trend, however, is that some CEXs recorded upticks Month-on-Month, with Crypto.com and Upbit leading in this regard.

The Crypto.com change is pegged at 30.9% as its spot volume moved from $3,757,258,208 to $4,917,180,225. Upbit’s positive growth rate features a 15.5% jump from $29,879,080,818 to $34,521,138,525.

Futures trading volume saw a relatively milder slump of 14.8% compared to the spot volumes. This CEX futures volume dropped from $1,880,578,379,884 to $1,601,341,684,234 Month-on-Month.

Exchange Traffic Falls

The fall in the total spot and futures trading volumes of Centralized Exchanges is accompanied by a downtrend in overall traffic recorded in September. Per the data, cumulative CEX traffic fell by 17.4%, moving from 202.1 million visitors in August to 167 million in September.

While Huobi recorded the most significant change at -62.6%, possibly catalyzed by fears over the exchange’s liquidity, Binance welcomed the most visitors for the month at 43.9 million.