Russia Accounted for Up to 31% of Traffic on Major Cryptocurrency Exchanges in November

RBK-cryptoPubblicato 2025-12-10Pubblicato ultima volta 2025-12-10

Introduzione

According to data from Similarweb cited by Wu Blockchain, Russia accounted for up to 31% of traffic on the cryptocurrency exchange Bybit in November, making it the largest source of visits to the platform. Although Bybit's overall traffic decreased by 10% month-over-month, the share of Russian users increased by 3 percentage points. Among 15 major crypto exchanges, total traffic fell by 11% in November, with no platforms showing growth. Spot trading volume on major exchanges dropped 27.8% to $1.7 trillion, while derivatives trading volume declined 15.8% to $7 trillion. Bybit ranked fourth in both spot and futures trading volumes. The Central Bank of Russia also reported an 18% decline in transaction volumes on foreign crypto exchanges in Q2 and Q3 of 2023, along with a 20% decrease in Russian users’ crypto holdings and a 28% drop in traffic from Russia to crypto platforms.

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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Domande pertinenti

QAccording to the article, which country accounted for the largest share of traffic (31%) on the Bybit cryptocurrency exchange in November?

ARussia.

QWhat was the overall trend for traffic on the 15 largest crypto exchanges in November, and by how much did it decrease?

AThe overall traffic on crypto exchanges fell by 11% in November.

QWhich three exchanges saw the largest percentage declines in their traffic, as mentioned in the report?

ACrypto.com (-26%), Gate (-23%), and Kucoin (-18%).

QHow much did the volume of spot trading on major exchanges drop in November compared to October, and what was the total value?

AThe volume of spot trading fell by 27.8% to $1.7 trillion.

QDespite a 10% drop in its overall traffic, what happened to the share of Russian users on Bybit from October to November?

AThe share of Russian users on Bybit grew by 3 percentage points.

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