The audience of cryptocurrency exchanges has increased fivefold over the year. DeRev's Report

Analytical service DeRev has released a report on the results of its own research, according to which from March 2020 to April 2022 the number of unique visitors to crypto exchanges increased by 479,7%. Such figures indicate a large influx of new users to the crypto-industry. Statistics from 58 cryptocurrency platforms were analyzed. GetBlock Magazine's editorial team offers a detailed look at the report's data.

Research Details

Over the year, total traffic on crypto exchanges increased by an average of 363,47%. The number of unique visitors increased by 479,7%, which exceeds the total number of users. This suggests that more and more people are visiting crypto-platforms sites, but don't return more than once. This is most likely due to the massive increase in interest in cryptocurrencies seen in 2021. The following platforms have the highest levels of traffic and unique visitors: Binance, Coinbase, eToro, Crypto.com, and Kraken. It is worth noting that Binance is the only exchange that maintains above-average engagement across all key indicators. The platform maintains a relatively stable number of unique visitors at 30% and leads in total traffic.

The number of pages viewed per visit decreased from 4,75 to 3,22, a decrease of 32,14%. Time on site also decreased from 21 minutes to 16 minutes, a decrease of 22%. Conclusion: Overall traffic is up, but engagement is down.

Trading volume of crypto exchanges

Total trading volume for the year increased by 424,65%, while the average trading volume per unique visitor decreased by 11,48%, from $9125,08 to $8077,92. Cryptocurrency exchanges Binance, OKX, Huobi, Coinbase, and Currency.com were the leaders for the 2021-2022 period. Coinflex, Crypto.com, FTX, Gate.io, and WazirX were the fastest growing platforms in terms of trading volume between 2020-2021 and 2021-2022. Coinflex was particularly notable for its growth, with trading volume up 21217,14% year-over-year. Crypto exchanges Huobi, Bitmart, Currency.com, Changelly, and Lbank had the highest ratio of trading volume to unique visitors. Also, Huobi ranks first in this indicator with an average trading volume of $73 145 per unique visitor.

Preceding events

Cryptocurrency exchanges have seen an increasing trend in customer reach and engagement. In addition, there is an obvious huge influx of new users in the world of digital assets. This can be attributed to the fact that the media is increasingly publishing news related to cryptocurrencies. However, the level of engagement of new users is no longer as high as it used to be. This is due to the fact that people are only learning the available information about digital assets. On average, engagement decreased by 27%. At the same time, overall traffic increased by an average of 363%.

On May 10, 2022, about 40 620 BTC ($1,2 billion according to the Binance exchange as of May 25) were sent to crypto exchanges. This is the largest inflow of funds to the platforms since December 2019 (according to the analytical company Santiment). Most of these funds probably came from the wallet of Luna Foundation Guard (LFG), a nonprofit organization set up to support the Terra ecosystem. On May 10, 28 205,54 BTC were withdrawn from the LFG reserve wallet to maintain the UST stablecoin's peg to the dollar.

However, already on May 16, the lowest net flow of BTC on the platforms for the last 8 months was recorded. The net flow indicator is calculated based on the difference between bitcoins entering the exchange and those withdrawn. A positive value of the index indicates an increase in reserves. For spot markets, a high value usually indicates growing selling pressure.

To learn how a beginner can start trading on a cryptocurrency exchange, see GetBlock Magazine's article.