Trading on the Kraken and Bybit exchanges grew by almost 10%

As a result of the FTX crash in November 2022, some crypto exchanges recorded a weakening of user activity.

The biggest drop in trading was seen on Bitfinex, Kucoin, Gate.io and OKX. For example, at Bitfinex, prior to the FTX bankruptcy, the average monthly amount of digital currency transactions exceeded $12 billion, but in subsequent months it collapsed to $5 billion, Nansen said in a report.

At the same time, exchanges such as Kraken and Bybit, on the contrary, paid attention to the increased activity of traders. On average, the volume of trading on these platforms increased by 10% in six months.

Nansen analysts stressed:

Most of the exchanges experienced a drop in trading, with the exception of Bybit and Kraken, which were able to significantly increase their turnover.

The Binance exchange was largely unaffected by the FTX crash. The average daily amount of transactions on this site decreased from $445 billion to $444 billion.

The activity of crypto derivatives market participants fell only in November-December. However, already in the winter of 2023, trading began to grow and peaked in mid-spring.

The Bitget exchange was in a winning position. If before the bankruptcy of FTX, the turnover of derivatives on this platform was $194 billion, then after November 2022 it reached $204 billion, Nansen noted.