Daily crypto trading volume on Binance sunk to $9.39 billion on Dec. 23, its lowest since October 2020, according to data from Nomics.
Compared to Nov. 8, when daily trading volume on Binance crossed $172 billion, the latest data suggests a drop of over 94.5% in the past 24 hours. With the upcoming holiday season and the rearing bear market, trading volumes on most centralized exchanges have been impacted.
Coinbase’s daily trading volume fell to its lowest since November 2020 to $1.11 billion over the last 24 hours, data from Nomics shows. Likewise, the daily cryptocurrency trading volume on OKX fell to $6.39 billion over the past day, its lowest since April 2021, as per Nomics data.
According to research published by CoinGecko, crypto derivatives trading volume on exchanges has tanked by 24% since the collapse of FTX. According to the study, a likely reason for the fall in the trading volume is that traders have stopped or reduced their trading activity since the FTX crash. Furthermore, the research added that trading activity also generally slows down toward the end of the year.