Upbit Spot Trading Volume Increased By 160% As Derivatives Trading In Phemex Rose 190%

Wu Blockchain recently posted on Twitter a CEX data report in January, indicating the top major exchange significantly gained in terms of trading volume.

CEX data report in Jan: Spot trading volume increased by 57.8% MOM, and derivatives increased by 58.3%; Spot Upbit +166%, BitMart +110% and KuCoin +90%; Derivatives Phemex +190%, Bybit +98% and Gate +85%. Read more: https://t.co/QoOI8CU8tG pic.twitter.com/HCRxhtssvE

— Wu Blockchain (@WuBlockchain) February 13, 2023

According to Wu, Spot trading on significant exchanges rose 57.8% month-on-month in January. The three biggest increases were Upbit +166%, BitMart +110%, and KuCoin +90%. The three smallest increases were Mexc +4%, Bitget +4%, and Gate +10%.

For those unaware, Upbit is a cryptocurrency exchange that began in South Korea and has now expanded to a few other Asian countries. Upbit is the largest cryptocurrency exchange by volume in South Asian crypto marketplaces. The platform is primarily aimed at South Korean users. However, a translated worldwide version of the website is available for other supported locations.

Derivatives trading on the main exchanges rose 47.6% in January from the previous month. The three biggest increases were Phemex +190%, Bybit +98%, and Gate +85%. The three smallest increases were Mexc -28%, Huobi +22%, and Crypto.com +26%.

Coincu reviewed the Phemex exchange for those concerned about the reason behind this soar in its trading, Phemex is led by eight former Morgan Stanley executives and is headquartered in Singapore. Phemex exchange users can trade perpetual contracts such as ETHUSD, BTCUSD, LTCUSD, LINKUSD, XRPUSD, and XTZUSD with 100X leverage.

Additionally, Wu reported that in January, traffic to the major exchanges’ websites increased by 4.5 percent over the previous month. Upbit gained 35%, Deribit gained 22%, and Coinbase gained 13%. The three smallest increases were -43% for Mexc, -33% for Huobi, and -22% for Gate.io.

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