The data analysis conducted by the Wu team indicates:

In January, the spot trading volume of major exchanges increased by 2.6% month-on-month. The top three in terms of change rate were Bitfinex at 20%, Crypto.com at 16%, and Huobi at 16%. The bottom three were Gate at -26%, Mexc at -16%, and BitMart at -4%.

The derivatives trading volume of major exchanges in January increased by 1.3% month-on-month. The top three in terms of change rate were Bitget at 28%, Crypto.com at 15%, and Mexc at 14%. The bottom three were Huobi at -11%, Kucoin at -7%, and Binance at -3%.

The website traffic of major exchanges in January decreased by 13% month-on-month. The top three in terms of change rate were Upbit at 13%, Deribit at 6%, and BitMart at 1%. The bottom three were Huobi at -32%, Bitfinex at -22%, and Crypto.com at -11%.

Note: The following data may have serious suspicions of volume manipulation/bots. Spot and derivative data are from Coingecko; traffic data is from Similarweb.

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