Trading volume on Coinbase picked up in the early weeks of 2023, while other exchanges saw continuing declines, analysts at J.P. Morgan found, a sign that Coinbase’s reputation as a trustworthy exchange is paying off after the collapse of rival exchange FTX.

The U.S.-based crypto exchange saw a small but noteworthy increase in average daily volume (ADV) of $1.6 billion so far in January, which is a 0.3% increase from the previous quarter. By comparison, other U.S. exchanges such as Kraken and Gemini saw declines of 13% and 46% respectively, according to JPM data.

Coinbase’s slight uptick in trading volume also signals change in direction given that the exchange saw an ongoing decline in volume in 2022.