Following the FTX crash in November 2022, some crypto exchanges witnessed a decrease in user activity. Bitfinex, KuCoin, Gate.io and OKX suffered the most, with average monthly transactions of digital currencies plummeting from over $12 billion to $5 billion, according to Nansen’s report.
In contrast, exchanges like Bybit and Kraken recorded a 10% increase in their trade volume over six months.
Binance experienced a minimal dip with its average daily transactions dropping from $445 billion to $444 billion.
Derivatives trading also witnessed a reduction in the November-December period but reached peak levels in mid-spring 2023.
A notable example of success was Bitget. Before the FTX bankruptcy, the trading volume for derivatives was $194 billion, which afterwards increased to $204 billion, Nansen recorded.