The spot trading volume of Coinbase, one of the largest crypto exchanges in the United States, has dropped by more than half, highlighting a shift in interest in crypto trading.
Citing analysis from digital asset data provider CCData, mainstream media outlet Bloomberg reported on Oct. 11 that Coinbase registered around $76 billion in spot trading volume. Compared to its quarterly record for the third quarter of 2022, the new data shows a 52% drop in spot trading for Q3 2023.
According to the report, the new numbers are the lowest they’ve ever been since before Coinbase got listed on the Nasdaq Stock Market in 2021, which was also months before the prices of crypto were at their peak.
