Leading Crypto Exchanges Witness a Drastic Decrease in Monthly Trading Volume After Trump's Inauguration Pump

Leading crypto exchanges – including Binance, Coinbase, Bybit, Crypto.com, etc

The crypto market experienced a significant downturn in February, leading to a drastic decrease in monthly trading volume on leading exchanges, according to Wu Blockchain’s February CEX Data Report.

After the apex cryptocurrency, Bitcoin (BTC), touched a new all-time high (ATH) of $20,000 in March 2023, sparking a final Trump-related price pump, the market experienced a downturn.

While the month of January saw a total crypto futures trading volume of $1.176 quadrillion and a total spot trading volume of $4.144 billion, February saw a decrease in both categories.

The total crypto futures trading volume for February amounted to $969.64 billion, showcasing a 17% drop. Among the major exchanges, Binance, the largest exchange, reported a 19.7% decline in futures trading volume from January.

The report highlighted that Bybit, Bitget, Kucoin and Kraken digested significant drops of over 20% for the month, while Binance saw a drop of 17.4% in spot trading volume for February, compared to January. The number reached $646 billion, while it had accumulated $782.14 billion in January.

Crypto.com also recorded a nearly 30% drop in February spot trading volume, while Bybit, Coinbase and Gate.io saw drops of 21.6%, 19.5% and 16%, respectively.

The decrease in trading volume can be attributed to several factors, including the outflows from the crypto industry after Trump’s inauguration, which brought in short-term traders and investors who ran into markets just to benefit with quick price surges until Donald Trump moves into the White House.

Furthermore, February had significant pumps and dumps in the Bitcoin price, but it failed to match the total trading volume of January.

Besides trading volume, crypto exchanges also saw a huge decrease in website traffic, which dropped by 20% in February.

“The website traffic of major CEXs in February decreased by 20% compared to January. The top three CEXs in terms of change rate were HTX +45%, OKX +15%, and Bitget +6%. The bottom three CEXs were KuCoin -62%, Upbit -35%, and Coinbase -29%.” reads the report.