K33Research found a spike in website traffic to crypto exchanges, suggesting that retail is slowly returning.
Vetle Lunde, senior analyst at K33Research, has noticed a sudden increase in traffic on crypto exchange websites. Therefore, his website traffic in 90 days increased by 45% from August to October.
The total traffic on crypto exchanges during this period was 550 million transactions, and from December 2023 to February 2024 this figure increased by 45% to reach 801 million transactions.
However, the most significant traffic volume is 910 million recorded from June to August 2022, so the latest value is still below the maximum of the previous two years. During this period, the beginning of a bear market and the bankruptcy of several large crypto companies were noted.
The latest data shows that “retail is gradually returning to the market,” Runde said. This rally is likely due to the crypto market recovery that began in the second half of 2023 due to rising Bitcoin (BTC) prices and expectations for the approval of a Spot Bitcoin ETF.
Additionally, CoinMarketCap and CoinGecko have experienced significant growth. From August 2023 to October 2023, traffic volume was 311 million, but from December 2023 to February 2024, it increased by 66% to 519 million.
“Still, both are well behind summer 2022.”
Vetle Lunde, K33Research Senior Analyst
On March 5th, BTC hit a new all-time high with a rate of over $69,000. Over the past month, Bitcoin's price has increased by about 60%, pushing its market capitalization to over $1.34 trillion, a record number.
The surge in Bitcoin demand and price is largely explained by the large inflows into the US Bitcoin Spot ETF, which was launched in January. Another growth factor is the expected halving in April.
