Crypto trading activity cooled in March, with spot market volumes posting a sharp decline across major exchanges, according to data compiled by Wu Blockchain.

Spot trading volumes fell by roughly 19.4% compared with February, with every major exchange reporting lower activity. The pullback was most pronounced on Upbit, where volumes dropped 39.4%, followed by Bitget at 31.2% and Crypto.com at 23.4%.

Some platforms proved more resilient. Kraken recorded the smallest decline at 9.5%, while Bybit and OKX posted drops of 12.4% and 13.2%, respectively. The broad retreat suggests a slowdown in retail and institutional engagement after stronger activity earlier in the year.

Source: Wu Blockchain

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.

Coinbase led the gains, with derivatives trading surging 41.4% over the period. MEXC followed with a 36.6% increase, while Kucoin posted a modest 4.4% rise. In contrast, Deribit recorded the steepest decline at 30.6%, with HTX and Crypto.com also seeing notable drops of 26.4% and 19.7%, respectively.

The divergence highlights shifting trader preferences, as activity consolidates on select platforms offering specific products or liquidity advantages.

User engagement metrics tell a similar story. Website traffic across major exchanges fell by 2.34% in March, indicating softer participation levels. Upbit again saw the largest drop, with traffic down 21.5%, followed by Kucoin at 14.07% and Crypto.com at 9.63%.

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.

The March slowdown comes as the competitive landscape among exchanges continues to evolve. A recent Forbes ranking placed Coinbase as the top crypto exchange, with Bitstamp and Kraken taking second and third positions. Binance.US and Robinhood were ranked sixth and seventh, respectively.

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.

The data, sourced from Coingecko for trading volumes and Similarweb for traffic, has been adjusted to account for outliers and standardize methodologies. However, it may still include distortions from wash trading or automated activity, a persistent issue in crypto market analysis.

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