Draft
Key facts
In June 2025, Russia took first place in traffic on the Bybit exchange — 31% of all visitors of the site came from the Russian Federation
at the same time the total traffic of crypto -rhizas decreased by 6%, and the volumes of sport and futures trades fell by 28% and 13% and 13% and 13% Accordingly,
bybit there remains the second largest exchange of exchange after Binance, which stopped working in Russia in the fall of 2023
Who goes where? Huobi): 21% — unchanged
bitfinex — 7%
gate — 5%
upbit — 0.3%
Vincent Liu (Kronos Research):
« all loses confidence centralized exchanges. They go to where you do not need to give assets to third parties .
a seasonal factor or a system trend? Falled
in 2024 — stable
in 2025 — fall
conclusion: seasonality does not explain everything.
more likely — a system transition to DEX, reinforced by loss of trust to centralized sites.
Users from the Russian Federation switched with Binance to Bybit and HTX
Activity remains, despite the total global decrease
share 31% on the high involvement of Russian traders
is an increase in interest in DEX, especially in conditions of regulatory conditions uncertainty
