Coinbase Faces Big Drop in Trading Volume
Coinbase's trading drops by half, but gains in market share, while other crypto sites see big jumps in web visitors.
Coinbase has seen its trading volume (the total of all trading) drop by more than half, showing people might be losing interest in trading crypto. On Oct. 11, news from Bloomberg and data from CCData showed Coinbase had about $76 billion in spot trading, which is 52% less than the same time last year, the lowest since before it was listed on the Nasdaq Stock Market in 2021.
Even with lower trading volume, Coinbase won more market share (part of the total market) in the last few months, especially as Binance, another exchange, faced problems with regulators. From Oct. 6, Binance’s share dropped for seven months in a row, and exchanges like Coinbase and others have taken some of that share.
Even though big exchanges like Binance and Coinbase have seen drops in web traffic, others like OKX, HTX, and Gate-io have seen more people visiting their websites this year. Data shows HTX’s web visits went up 200%, while Gate-io and CoinW saw their web traffic go up by 143% and 66% respectively.
