Phemex (-76%), Bitfinex (-58%), and Gate (-57%) were the top three decliners. The data was collected and released by Colin Wu.
December Derivatives Trading Volume Also Declines 47.6%
The report also shows a 47.6% drop in derivatives trading volume in December. Phemex -85%, Deribit -62%, and Bitfinex -60% saw the largest declines. Crypto.com (-10%), MEXC (-25%), and Bitget (-28%) had the smallest decreases.
Web Traffic on Major Exchanges Drops 15.8%
Data also revealed that web traffic on major exchanges dropped 15.8% in December. Only two exchanges, Bitfinex and Bitget, saw an increase in visits.
Exchanges Implement Transparency Measures Following FTX Collapse
The fall of FTX, a centralized exchange, caused panic and a loss of trust in centralized exchanges. This led to outflows of millions from exchanges. To regain trust, exchanges have begun implementing transparency measures such as releasing Merkle tree proof of reserves and publicly disclosing hot and cold wallet addresses.