Bitcoin’s narrow trading range and lack of liquidity have considerably impacted centralized exchanges. Given their importance for the market, analyzing volumes across centralized exchanges is becoming instrumental in gauging crypto market sentiment.
In May 2021, centralized exchanges saw an all-time high in monthly trading volumes – reaching $4.1 trillion. Dominating this monumental volume was Binance, which accounted for $1.64 trillion in monthly volume. However, this peak was short-lived, as exchanges began seeing notable drops in trading volume almost every month since May 2021.
Trading volumes spiked briefly in November 2021, likely due to FTX’s downfall and the subsequent massive market selloff—nevertheless, the predominant trend since May shows a noticeable descent in volume.
Chart showing the monthly trading volume across centralized crypto exchanges from May 2017 to September 2023 (Source: The Block)
According to data from The Block, December 2022 saw the most significa
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