Fewer people are sending BTCs to largest crypto exchanges

Fewer people are sending BTCs to largest crypto exchanges

The statement that more people are using cryptocurrencies may be wrong.

According to information provided by Token Analyst, fewer people have been sending Bitcoin to the largest exchanges in these months. The data trecker company found out that after reaching a peak in 2017 when there was a huge number of unique addresses sending crypto coins to major exchanges, e.g. Binance and Bitfinex, this action started to lose its popularity.

As to the information, the number of addresses that are sending crypto to Bitfinex is at two-year low and the amount on Binance decreased to early 2018 levels. The founder of TokenAnalyst Sid Shekhar says that this is a sign that there is a lack of interest in crypto from retailers.

Data from other source points at the same regularity. According to Blockchain.com, BTC exchange trade volume in USD is at its lowest point since May 2019, and it has been trending down since the peak point in 2017. Tracker company SimilarWeb has shown statistics that traffic of Bitfinex and Binance is at a four-month low.

Exchanges began to increase catering to power users when they faced the problem with decreasing number of active traders.

A number of exchanges have rolled out or expended the availability of margin trading, letting users borrow funds to speculate in order to increase user loyalty and the number of charges they can take.

Both and Binance and Bitfinex still haven’t commented on this.

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