The share of Russian traffic on the cryptocurrency exchange Bybit reached 31% in October, reports Wu Blockchain, citing data from the analytical service Similarweb. Russia is the largest source of visits to the platform's website. Over the month, Bybit's overall traffic decreased by 10%, while the share of Russian users increased by 3 percentage points since October.
The analysis includes data on traffic to the 15 largest cryptocurrency exchanges. This refers not to the number of accounts or clients, but to the share of visits to their websites as estimated by the Similarweb service. It collects anonymized data from user applications, partners, providers, and its own website analytics. These are estimated figures, but they are usually relatively accurate for large sites.
In total, Bybit recorded 15.7 million visits in November (4.87 million from Russia; a month earlier it was 4.9 million). Russian traffic on the HTX exchange was 16% (4.8 thousand visits). On the Gate exchange, Russians ranked third in the previous reporting month with a 5% share of all traffic, but in November, Vietnam moved into third place with a 7% share.
The largest cryptocurrency exchange, Binance, had 49.1 million visits in October, mostly from South Korea (9%), Brazil (6%), and Vietnam (5%). On the American exchange Coinbase, 66% of traffic came from the US, 6% from the UK, and 3% from Germany.
In total, traffic to cryptocurrency exchanges fell by 11% over the month. The top three in terms of decline rates were Crypto.com (-26%), Gate (-23%), and Kucoin (-18%). No exchanges showed traffic growth.
Trading Volumes
The spot trading volume on major exchanges in November fell by 27.8% compared to October, to $1.7 trillion. The largest percentage losses were observed on Bitget (-62%), Gate (-44.1%), and MEXC (-34.3%). The smallest decline was on Coinbase (-7%). No growth was recorded.
The volume of derivatives trading in November decreased by 15.8%, to $7 trillion. The largest declines were seen at MEXC (-67.1%), Bitget (-49%), and Bybit (-29%).
Bybit, popular among Russians, ranked fourth among cryptocurrency exchanges in terms of spot trading volume, with a figure of $108 billion (a 31.7% decline). It was surpassed by Binance, MEXC, and KuCoin. In terms of futures trading volume ($760 billion), Bybit is in fourth place after Binance, MEXC, and OKX.
The Bank of Russia also reports a decline in the volume of operations on foreign cryptocurrency exchanges. According to their data, the figure fell by 18% in the second and third quarters of 2025 compared to the previous two periods.
The average monthly estimated balance of Russians' funds on cryptocurrency exchanges during the reporting period decreased by 20% in ruble terms, to 933 billion rubles. And the volume of traffic from Russia to the websites of crypto platforms fell by 28%, to 83.4 million visits.
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