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Analysis
21 Apr 2023

A global retail exodus

Global exchange traffic is down 25% from this summer globally.
geo web relative
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Source: Similarweb. Exchanges included: Binance, Coinbase, FTX, Bybit, Deribit, Gate, Nexo, Crypto.com, BlockFi, Kraken, Bitstamp, Kucoin, Upbit, Bithumb, OpenSea, Bitfinex, OKCoin, Bitso, Luno, Indodax, Bittrex, Mercado Bitcoin, Uniswap, Huobi, OKX, BitMEX, Bitget, Gemini, Binance US, FTX US, Blockchain.com, MEXC, CoinDCX, Firi, NBX *NB! Web traffic may be artificially inflated through click farms
We have obtained web traffic data from June to August 2022 and Q1, 2023 to assess developments in retail activity across exchanges and geography. We note a global decline of 25% in crypto exchange traffic in this period. This article present parts of our recent Norwegian Crypto Adoption survey. The full report can be accessed here.
An Indian Outlier
Website traffic to crypto exchanges from Norwegian IP addresses has fallen 17% since August. This is low compared to the global decline of 25% and far less excessive than the U.S. decline of 33%.Among the top 10 most active countries in crypto, measured by website traffic, India is the clear outlier, growing by 28% since August.
web traffic geo
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Source: Similarweb. Exchanges included: Binance, Coinbase, FTX, Bybit, Deribit, Gate, Nexo, Crypto.com, BlockFi, Kraken, Bitstamp, Kucoin, Upbit, Bithumb, OpenSea, Bitfinex, OKCoin, Bitso, Luno, Indodax, Bittrex, Mercado Bitcoin, Uniswap, Huobi, OKX, BitMEX, Bitget, Gemini, Binance US, FTX US, Blockchain.com, MEXC, CoinDCX, Firi, NBX *NB! Web traffic may be artificially inflated through click farms
Norway’s adoption rate well behind the global average
Norway’s 8.1% adoption rate is well behind the global 11.9% average. According to data obtained from GWI, this places the Norwegian ownership rate of cryptocurrencies at the lower end of the scale.
Global ownership GWI
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Source: GWI, K33 Research, EY
While we cannot vouch for GWI’s methodology, we are confident that the observation of the relatively low Norwegian (and Scandinavian) crypto adoption reflects the truth.In general, crypto adoption tends to be higher in countries with a) capital restrictions, b) financial instability, and c) political instability. In Turkey and Argentina, the two countries topping the crypto adoption list, the annual inflation rate in 2022 was 64.2% and 94.8%, respectively.
A global retail exodus
CoinMarketCap website traffic declined by 150m (-32%). Binance website traffic declined by 90m (-30%). Coingecko website traffic declined by 62m (-34%). Coinbase website traffic declined by 21m (-17%). OpenSea website traffic declined by 83m (-52%).
web traffic exch
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Source: Similarweb. Exchanges included: Binance, Coinbase, FTX, Bybit, Deribit, Gate, Nexo, Crypto.com, BlockFi, Kraken, Bitstamp, Kucoin, Upbit, Bithumb, OpenSea, Bitfinex, OKCoin, Bitso, Luno, Indodax, Bittrex, Mercado Bitcoin, Uniswap, Huobi, OKX, BitMEX, Bitget, Gemini, Binance US, FTX US, Blockchain.com, MEXC, CoinDCX, Firi, NBX *NB! Web traffic may be artificially inflated through click farms
Crypto data platforms such as CoinMarketCap (-33%) and Coingecko (-34%) has experienced a far more substantial decline than broader data platforms illustrated by including Tradingview (-5%) data.
web traffic exch relative
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Source: Similarweb. Exchanges included: Binance, Coinbase, FTX, Bybit, Deribit, Gate, Nexo, Crypto.com, BlockFi, Kraken, Bitstamp, Kucoin, Upbit, Bithumb, OpenSea, Bitfinex, OKCoin, Bitso, Luno, Indodax, Bittrex, Mercado Bitcoin, Uniswap, Huobi, OKX, BitMEX, Bitget, Gemini, Binance US, FTX US, Blockchain.com, MEXC, CoinDCX, Firi, NBX *NB! Web traffic may be artificially inflated through click farms
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