Key Takeaways:
Exchange data shows March spot volumes fell 19.4%, led by Upbit’s 39.4% drop. Coinbase derivatives rose 41.4% as the total fell 2.9%, shifting activity to select platforms. Data from Coingecko showed exchange traffic dipped 2.34% in March, signaling softer demand and tougher exchange competition.Derivatives markets, often seen as a proxy for more sophisticated trading strategies, showed a more muted contraction. Overall volumes slipped by 2.9% month-on-month, masking wide differences between exchanges.
Yet not all platforms experienced a slowdown. Bitget recorded a 17.16% increase in traffic, the strongest among its peers. OKX and HTX also posted gains of 4.81% and 3.65%, suggesting that user interest remains uneven rather than uniformly declining.
Taken together, the figures point to a market that is losing some momentum after earlier gains, while also undergoing a shift in where and how trading activity takes place.
