{"id":321354,"date":"2023-04-28T13:15:38","date_gmt":"2023-04-28T12:15:38","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=321354"},"modified":"2026-04-17T09:14:02","modified_gmt":"2026-04-17T08:14:02","slug":"centralized-exchanges-flourish-in-q123-tokeninsights-data-reveals-crypto-winter-may-be-thawing","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/centralized-exchanges-flourish-in-q123-tokeninsights-data-reveals-crypto-winter-may-be-thawing\/","title":{"rendered":"Centralized exchanges flourish in Q1&#8217;23: TokenInsights data reveals crypto winter may be thawing"},"content":{"rendered":"<p>Research firm TokenInsight released its Q1 Crypto Exchange Report \u2014 showing centralized platforms had a buoyant start to 2023.<\/p>\n<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 \u2014 a nearly 50% increase. Bitcoin (<a href=\"\/coins\/bitcoin\/\">BTC<\/a>) jumped almost 100% from $16,000 to a $30,000 high during the period.<\/p>\n<p>With that, TokenInsight suggested that crypto winter may be thawing \u2014 recommending readers use exchange metrics to help make up their minds.<\/p>\n<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>\n<h2>Crypto Trading Volume<\/h2>\n<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>\n<p>The period around March 14-15 saw the most significant increases in daily volume \u2014 as the price of Bitcoin recovered from the banking crisis fallout \u2014 likely driven by realizations of fiat fragility and the demand for harder assets.<\/p>\n<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 \u2014 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>\n<figure id=\"attachment_321361\" aria-describedby=\"caption-attachment-321361\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" 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>\n<h2>Other exchange metrics<\/h2>\n<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 \u2014 which were $2.6 trillion and $2.8 trillion, respectively.<\/p>\n<figure id=\"attachment_321368\" aria-describedby=\"caption-attachment-321368\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" 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>\n<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>\n<figure id=\"attachment_321369\" aria-describedby=\"caption-attachment-321369\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" 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>\n<h2>Exchange tokens<\/h2>\n<p>Given the spate of centralized finance (CeFi) bankruptcies in 2022, exchange tokens had garnered a bad reputation.<\/p>\n<p>Case in point, FTX's FTT token was used to prop up the exchange's balance sheet \u2014 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>\n<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 \u2014 with the Bitget Token experiencing 120% growth during the period to outperform Bitcoin.<\/p>\n<p>GateToken placed second, approximately matching Bitcoin's growth, at a 72% increase in value during the quarter \u2014 the other exchange tokens underperformed versus the market leader.<\/p>\n<figure id=\"attachment_321370\" aria-describedby=\"caption-attachment-321370\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" 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>\n","protected":false},"excerpt":{"rendered":"<p>Research firm TokenInsight released its Q1 Crypto Exchange Report \u2014 showing centralized platforms had a buoyant start to 2023. The report stated that, during the quarter, the total crypto market cap had grown from $831.8 billion to $1.24 trillion \u2014 a nearly 50% increase. Bitcoin (BTC) jumped almost 100% from $16,000 to a $30,000 high [&hellip;]<\/p>\n","protected":false},"author":460,"featured_media":321383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,39],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Centralized exchanges flourish in Q1&#039;23: TokenInsights data reveals crypto winter may be thawing<\/title>\n<meta name=\"description\" content=\"Crypto exchange metrics reveal an improvement on the previous quarter \u2014 indicating a growing confidence as crypto winter begins to thaw.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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