The cryptocurrency market is experiencing a noticeable decline in activity on key exchanges. Over the past few weeks, the daily spot trading volume has decreased from $100 billion to $65 billion, while futures trading volumes have fallen from $360 billion to $170 billion. Experts attribute this to a market correction that has affected trader behavior and reduced operational activity.
This is reported by Business • Media
Exchange Data and Stablecoin Reserves
According to analysts, Binance maintains its position as the leader among cryptocurrency exchanges: daily spot transactions on this platform amount to $25 billion, while in the futures segment, they reach $62 billion. Alongside the overall decline in activity, stablecoin reserves on exchanges are increasing. According to information from CryptoQuant, traders are actively converting their assets into USDT and USDC to hedge against volatility. On Binance, as of November 15, the volume of stablecoin reserves reached $51.1 billion, while on OKX it was nearly $10 billion.
Increase in Deposits and Movement of Bitcoin and Ethereum
Over the past week, Bitcoin and Ethereum worth $40 billion have flowed into the exchange, which may indicate increased selling pressure. Specifically, Binance received $15 billion, Coinbase $11 billion, and other trading platforms collectively received another $14 billion.
Activity with altcoins also remains high. On October 16, a record was set with 77,000 altcoin deposits in a single day. As of today, Binance receives about 19,000 such deposits daily, while Coinbase sees approximately 8,000.
“Stablecoin reserves on exchanges are increasing—traders are converting assets to USDT and USDC to hedge against volatility, stated CryptoQuant.”
Previously, analysts also reported on the capitulation of short-term Bitcoin holders, which further impacted market dynamics.