Cryptocurrency exchange volumes jumped in November from the previous month as the collapse of FTX roiled markets, with decentralized platforms seeing an increase of 93%.
Centralized (CEX) exchange volumes, which include platforms like Binance and Coinbase, rose by 24% to $673 billion, up from $543 billion in October, according to The Block's data. Decentralized (DEX) exchanges, excluding layer 2's, saw a substantially bigger increase, with volume doubling to $65 billion from $34 billion.
The Block Research's Lars Hoffman attributed the increases to the "collapse of FTX and subsequent de-risking from CEX's to on-chain." Crypto holders are likely losing faith in centralized exchanges and moving to decentralized exchanges where they self-custody their keys.
Curve, an exchange liquidity pool on Ethereum, saw an increase of 371% in volume during the month.
November marked a recovery for crypto exchange volumes, which reached an almost two-year low in October.
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
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