• The volume of spot crypto trading increased in January, as a result of the U.S. approval of Bitcoin ETFs.
  • Binance, which is the largest exchange, has seen more trading. According to CCData, OKX’s volume declined.

The spot trading volume on centralized crypto exchanges increased for the fourth month in a row in January. It reached a level not seen since June 2022, when the approval of Bitcoin ETFs reignited interest in digital assets.

According to CCData, volume increased 4.45% compared to December to $1.40 Trillion.

BTC Price Index and Live Chart – CoinDesk”>(BTC) surged going into the Jan. 10 ETF approval but mostly fell after that.

CCData said that “the price action after the highly anticipated approval indicates that the sale-off marked an end to an uptrend which had persisted for several months.”

Binance currently holds a market share of 31.3%, but its spot share has gradually declined over 2023 as the company faced a variety of charges from regulators that eventually forced founder and CEO Changpeng “CZ” Zhao to step down. Binance has a current market share of 31,3%, but its spot share has been steadily declining over the course of 2023 due to a number of regulatory charges that forced CEO Changpeng Zhao to resign.

Coinbase, chosen as the custodian by most U.S. spot Bitcoin ETF participants, has seen its market share increase for the third consecutive month to 5.42%. OKX, which is the second largest exchange, saw both its trading volume and market share decline in January.

The volume of derivatives traded in January fell by 2.79%, to $3.25 trillion. This was the first drop in four months. The derivatives market’s share of the crypto-market fell from 71.4% to 69.9% in January. CME had the largest increase of derivatives trading volume.