February CEX Report: Bitfinex Leads, Upbit Declines
Bitfinex saw a 14% rise in February, while Upbit dropped 46%. Derivatives trading volume fell by 17%, and website traffic declined by 20%.
- Bitfinex led with a 14% rise, while Upbit had the biggest drop at -46%.
- Major CEXs saw a 17% decline in derivatives trading volume.
- Website traffic across major CEXs dropped by 20% in February.
The centralized exchange (CEX) market showed significant shifts in February, with some platforms experiencing gains while others suffered steep declines. According to recent data, Bitfinex emerged as the best-performing CEX with a 14% increase in trading volume. Meanwhile, MEXC saw a modest 3% rise, and Bitget declined by 15%. On the other end of the spectrum, Upbit faced the biggest drop at -46%, followed by Cryptocom (-29%) and Kraken (-27%).
Decline in Derivatives Trading Volume
A key highlight of the report was the overall decline in derivatives trading volume among major CEXs. February saw a 17% drop, reflecting reduced market activity. This decline may be attributed to investor caution, market volatility, or shifts towards decentralized trading alternatives. As derivatives trading plays a crucial role in market liquidity, this downturn signals potential concerns for traders and investors.
Website Traffic Sees a Sharp Fall
Another notable trend was the 20% decrease in website traffic across major CEX platforms. This drop suggests a decline in retail trader participation or a shift towards alternative trading platforms. Lower engagement on exchange websites can impact liquidity, trading volumes, and overall market sentiment.
As the crypto market navigates these fluctuations, it remains to be seen whether March will bring a reversal in these trends or further downturns for centralized exchanges.
