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<p>Research firm TokenInsight released its Q1 Crypto Exchange Report — showing centralized platforms had a buoyant start to 2023.</p>
<p>The <a href="https://tokeninsight.com/en/research/reports/crypto-exchange-report-2023q1">report</a> stated that, during the quarter, the total crypto market cap had grown from $831.8 billion to $1.24 trillion — a nearly 50% increase. Bitcoin (<a href="http://www.cryptoslate.com/coins/bitcoin">BTC</a>) jumped almost 100% from $16,000 to a $30,000 high during the period.</p>
<p>With that, TokenInsight suggested that crypto winter may be thawing — recommending readers use exchange metrics to help make up their minds.</p>
<blockquote><p>&#8220;With the price of Bitcoin rising from $16,000 at the beginning of the year to a high of $30,000, it looks like winter is over for the Crypto industry. But when will the bull market actually arrive? Perhaps the most intuitive answer comes from the data on the exchanges.&#8221;</p></blockquote>
<h2 id="crypto-trading-volume">Crypto Trading Volume</h2>
<p>Q1 2023 total trading volume for the top 15 crypto exchanges showed a 40% increase to $10.8 billion versus the prior quarter.</p>
<p>The period around March 14-15 saw the most significant increases in daily volume — as the price of Bitcoin recovered from the banking crisis fallout — likely driven by realizations of fiat fragility and the demand for harder assets.</p>
<p>Binance maintained its dominance throughout the quarter, taking more than half the market share at 55%. However, TokenInsight pointed out that in Q4 2022, Binance held a 60% market share — suggesting recent regulatory <a href="https://cryptoslate.com/binance-calls-cftc-charges-unexpected-says-it-will-cooperate-with-regulators/">enforcement actions</a> and <a href="https://cryptoslate.com/op-ed-what-happens-to-bitcoin-if-binance-goes-down/">rumors of insolvency</a> have had an impact.</p>
<figure id="attachment_321361" aria-describedby="caption-attachment-321361" style="width: 1024px" class="wp-caption aligncenter"><img class="wp-image-321361 size-large" src="https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035653f2c40a17-27a4-4812-8df6-225e0e6113f4-1024x575.jpg" alt="Total crypto exchange trading volume - top 15 - Q1 2023" width="1024" height="575" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035653f2c40a17-27a4-4812-8df6-225e0e6113f4-1024x575.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035653f2c40a17-27a4-4812-8df6-225e0e6113f4-300x169.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035653f2c40a17-27a4-4812-8df6-225e0e6113f4-768x432.jpg 768w, https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035653f2c40a17-27a4-4812-8df6-225e0e6113f4.jpg 1500w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-321361" class="wp-caption-text">Source: TokenInsight.com</figcaption></figure>
<h2 id="other-exchange-metrics">Other exchange metrics</h2>
<p>Spot volume for the top 10 crypto exchanges increased by 16% over the prior quarter to $2.4 trillion. However, this is still down versus Q3 and Q2 2022 — which were $2.6 trillion and $2.8 trillion, respectively.</p>
<figure id="attachment_321368" aria-describedby="caption-attachment-321368" style="width: 1024px" class="wp-caption aligncenter"><img class="wp-image-321368 size-large" src="https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035654ab42aa69-64b8-4453-b983-44779ed9736e-1024x575.jpg" alt="Q1 2023 crypto exchange spot trading" width="1024" height="575" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035654ab42aa69-64b8-4453-b983-44779ed9736e-1024x575.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035654ab42aa69-64b8-4453-b983-44779ed9736e-300x169.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035654ab42aa69-64b8-4453-b983-44779ed9736e-768x432.jpg 768w, https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035654ab42aa69-64b8-4453-b983-44779ed9736e.jpg 1500w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-321368" class="wp-caption-text">Source: TokenInsight.com</figcaption></figure>
<p>The same pattern is repeated with derivatives volume, with Q1 2023 showing a 30% increase on the prior quarter to $7.8 trillion. But still down compared to Q3 2022 at $8.4 trillion and Q2 2022 at $10 trillion.</p>
<figure id="attachment_321369" aria-describedby="caption-attachment-321369" style="width: 1024px" class="wp-caption aligncenter"><img class="wp-image-321369 size-large" src="https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035655638a75f8-92c6-4a71-8bad-900f2f141a96-1024x575.jpg" alt="Crypto derivatives trading volume" width="1024" height="575" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035655638a75f8-92c6-4a71-8bad-900f2f141a96-1024x575.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035655638a75f8-92c6-4a71-8bad-900f2f141a96-300x169.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035655638a75f8-92c6-4a71-8bad-900f2f141a96-768x432.jpg 768w, https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035655638a75f8-92c6-4a71-8bad-900f2f141a96.jpg 1500w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-321369" class="wp-caption-text">Source: TokenInsights.com</figcaption></figure>
<h2 id="exchange-tokens">Exchange tokens</h2>
<p>Given the spate of centralized finance (CeFi) bankruptcies in 2022, exchange tokens had garnered a bad reputation.</p>
<p>Case in point, FTX&#8217;s <a href="https://cryptoslate.com/?s=ftt">FTT token</a> was used to prop up the exchange&#8217;s balance sheet — enabling the firm to borrow against the token. This worked well until panic selling tanked the value of FTT, meaning FTT collateralized loans lost their backing and became worthless.</p>
<p>Nonetheless, the chart below shows a return in confidence in exchange tokens. TokenInsight found all but UNUS SED LEO, and Huobi Token saw price appreciation — with the Bitget Token experiencing 120% growth during the period to outperform Bitcoin.</p>
<p>GateToken placed second, approximately matching Bitcoin&#8217;s growth, at a 72% increase in value during the quarter — the other exchange tokens underperformed versus the market leader.</p>
<figure id="attachment_321370" aria-describedby="caption-attachment-321370" style="width: 1024px" class="wp-caption aligncenter"><img class="wp-image-321370 size-large" src="https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035655449459d6-cd48-42dc-b3c1-ef9a0e25686e-1024x575.jpg" alt="Exchange tokens" width="1024" height="575" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035655449459d6-cd48-42dc-b3c1-ef9a0e25686e-1024x575.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035655449459d6-cd48-42dc-b3c1-ef9a0e25686e-300x169.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035655449459d6-cd48-42dc-b3c1-ef9a0e25686e-768x432.jpg 768w, https://cryptoslate.com/wp-content/uploads/2023/04/img20230428035655449459d6-cd48-42dc-b3c1-ef9a0e25686e.jpg 1500w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-321370" class="wp-caption-text">Source: TokenInsight.com</figcaption></figure>
<p>The post <a rel="nofollow" href="https://cryptoslate.com/centralized-exchanges-flourish-in-q123-tokeninsights-data-reveals-crypto-winter-may-be-thawing/">Centralized exchanges flourish in Q1&#8217;23: TokenInsights data reveals crypto winter may be thawing</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Centralized exchanges flourish in Q1’23: TokenInsights data reveals crypto winter may be thawing

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