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<p>In May 2026, major crypto exchange platforms showed a facade of stability. Spot transaction volumes rose by only 0.1% on the main platforms, according to data compiled by Wu Blockchain. Behind this apparent calm, market shares moved significantly.</p>
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  <h2 class="in-brief--title" id="in-brief">In brief</h2>
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   <li>The overall spot volume of exchanges increased by 0.1% in May 2026, while derivatives gained 1.1%.</li>
   <li>OKX recorded the highest increase in spot volumes (+20.3%), ahead of Kraken (+7.0%) and Bitget (+4.8%).</li>
   <li>KuCoin finished last on the three key indicators: spot volumes (-10.4%), derivatives (-18.9%), and web traffic (-7.4%).</li>
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<h2 id="h-why-did-volumes-move-between-crypto-platforms-in-may-2026">Why did volumes move between crypto platforms in May 2026?</h2>
<p>In May 2026, the overall volume increase remained anecdotal. It is mainly flows between platforms that explain performance gaps. OKX jumped 20.3% in the spot segment, making it the big winner of the month on this indicator. Kraken and Bitget also progressed, with +7.0% and +4.8% respectively.</p>
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<p>Conversely, Upbit gave up 15.8% of its spot volumes. Uniswap declined by 13.3% and KuCoin by 10.4%. On the crypto derivatives segment, with a slight monthly increase of 1.1%, <a href="https://ambcrypto.com/exchange-activity-stayed-flat-in-may-despite-volume-gains-what-happened/" rel="noopener noreferrer nofollow">Coinbase dominated with a 19% increase</a>, followed by Kraken (+9.9%) and Crypto.com (+9.6%). At the other end, BitMart lost 37.9% of its derivatives volumes, and KuCoin 18.9%.</p>
<p>These movements reflect less an overall renewed appetite for risk than a redistribution of capital between venues. Traders maintained their activity in May, but in position management mode rather than accumulation.</p>
<h2 id="h-traffic-and-sentiment-still-contradictory-signals">Traffic and sentiment, still contradictory signals</h2>
<p>The web traffic of major platforms slightly declined by 0.26% in May. HTX stands out with a spectacular 156.2% increase in visits. Kraken (+4.9%) and Bybit (+4.0%) also progressed on this criterion.</p>
<p>KuCoin appears as the only exchange to have declined simultaneously on spot volumes, derivatives, and web traffic. This triple decline suggests a structural erosion of its user base beyond simple market fluctuations.</p>
<p>This movement takes place in an still fragile macro context. <a href="https://www.cointribune.com/en/crypto-markets-show-early-signs-of-stabilization-after-heavy-selloff/" rel="noopener noreferrer nofollow">The Crypto Fear &amp; Greed Index has certainly left the extreme fear zone</a> at the end of May, but it remains in the red. More than $500 billion left the market in less than a month, a figure that shows that caution still dominates, even if forced sales are spacing out.</p>
<p>In the oil market, prices lost more than 6.5% over the week, fueling hopes of easing inflation. This macro factor contributed to a partial rebound in cryptos, without triggering a clear recovery.</p>
<p>In the end, May 2026 confirms that <a href="https://www.cointribune.com/en/the-crypto-market-could-undergo-a-reset-phase-before-the-next-bull-run/" rel="noopener noreferrer nofollow">the crypto market is going through a redistribution phase</a>, not a collapse. Volumes hold up, traders remain present, and some exchanges take advantage to consolidate their position. Does this market share rebalancing foreshadow a return of risk appetite, or simply a rotation of players in a market still under pressure?</p>

Why crypto exchanges show volume gains without a real recovery

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