Crypto.com saw a staggering 333% increase in Google searches between November 9th and 13th, along with a 232% increase in trading volume during the same period.
Gate.io also experienced a surge in search interest, with a 300% increase in Google searches and a 181% increase in trading volume.
The increase in trading volumes tells a different story, however, with Bybit and Bitfinex getting more immediate demand for trading execution, with volumes increasing by 412% and 410%, respectively.
Binance, which was directly involved in the collapse of FTX by selling its FTT stock, saw an 85% increase in Google searches and a 289% increase in trading volume.
“While many traders may have panicked in the wake of the FTX collapse, others saw it as an opportunity to capitalize on the volatility of the cryptocurrency market”, said a spokesperson for Tradingbrowser.com.
“The surge in interest for Crypto.com indicates that traders are not only seeking out trusted exchanges but also ones that accept US traders. This study highlights the importance of accessibility and credibility in the cryptocurrency market. Bybit’s growth in trading volume might suggest that traders are drawn to the exchange’s unique feature of shorting cryptocurrencies. 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 research by Tradingbrowser also noted the sharp Google Search increase for hardware wallets as centralized crypto exchanges became less trustworthy in the eyes of users at that moment.
Decentralized search terms such as Hardware Wallet increased by +166% with popular names such as Trust Wallet and Ledger Nano X spiking by +104% and +175% on November 13th.
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Sources: Google Trends, Ahrefs, Coinmarketcap.com, Nomics.com
