Crypto.com and Gate.io Gained Most Traction after FTX Collapse, Study Shows

During the first days after the FTX cryptocurrency exchange collapse, the retail investors' interests mainly focused on Crypto.com and Gate.io platforms, according to the recent study conducted by Trading Browers, a digital assets analytical tool.

FTX Collapse Boosted Crypto.com and Gate.io Popularity

Trading Browers examined which of the biggest cryptocurrency exchanges observed the most increase in Google Search and trading volumes between 9 and 13 November 2022, in the early days after the meltdown of the FTX ecosystem.

According to the study results, Crypto.com saw a staggering 333% increase in Google searches and a 232% increase in trading volume in the reported period. Gate.io also experienced a visible surge in search interest (+300%) and overall turnover (+181%).

In contrast, Bybit (+412%) and Bitfinex (+410%) experienced the most substantial growth in trading volumes during the period, but their increase in search interest was much lower, at 63% and 50%, respectively.

"The ability of traders to quickly shift their focus to other exchanges or secure wallets in response to market conditions showcases the adaptability and agility of the cryptocurrency industry. The findings emphasize the importance of staying on top of market trends and being able to pivot strategies quickly and also offer valuable insights into the current state of the market and the behavior of traders, providing investors with valuable information to make informed decisions about their investments," the spokesperson for Trading Browser commented.

Traders Move to More Secure Wallets after FTX Turmoil

The study finds that search results for more secure crypto storage also increased. On 13 November, searches for the phrases 'Hardware Wallet' jumped by 166%, while for 'Trust Wallet' and 'Ledger Nano X' by 104% and 175%, respectively.

This is confirmed by data aggregated by Glassnode, a provider of on-chain analytics tools. Following the collapse of FTX, Bitcoin investors moved coins into self-custody wallets at the historically highest rate at 106,000 BTC per month. Similar events have only been observed three times in the past.

Following the collapse of FTX, #Bitcoin investors have been withdrawing coins to self-custody at a historic rate of 106k $BTC/month.This compares with only three other times:- Apr 2020- Nov 2020- June-July 2022https://t.co/92aYVYU4Yt pic.twitter.com/em7CsDBWUf

Non-custodial wallets, in contrast to custodial ones, are wallets where an individual uses their own keys, and there is no involvement of any third party. Similar to custodial wallets, non-custodial can be categorized into hot or cold. You can read more about crypto wallet security and best practices here.