Exchange Review

CryptoCompare’s monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

  • February 8, 2023

Report Summary

In January, crypto markets reversed their downward trend with Bitcoin and Ethereum rising 39.9% and 32.7% to $23,130 and $1,585, respectively. Market participants have begun to take on more risk as the macroeconomic environment improves with lower inflation and a slowdown of interest rate hikes.

January Highlights

  • January saw a significant increase in trading activity, with spot volumes rising 57.9% to $860bn.
  • CME’s Bitcoin options trading saw a staggering 278% increase in USD-volumes, reaching $851mn. This is the highest level recorded since we began to collate this data in February 2021.
  • Bybit surpassed OKX volumes for the first time in its history, thereby becoming the second largest derivatives exchange by trading volume.
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