![]() ![]() Any redistribution of charts appearing in this Review must cite CryptoCompare as the sole provider and creator.Cryptocompare is a platform providing data and insights on pretty much everything in the crypto-sphere, from market data for cryptocurrencies to comparisons of the various crytpo-exchanges, to recommendations for where to spend your crypto assets. The information provided by this report does not constitute any form of advice or recommendation by CryptoCompare. This does not include Micro Futures.Ī combined volume of $4.05bn in BTC and ETH futures was traded on the 21st of February – a maximum for the month, up 25.1% from the intra-month high in January. On aggregate ETH + BTC futures volumes rose 21.2% to $35.0bn. Meanwhile, CME’s BTC futures volumes rose 20.0% to $25.0bn. Regarding total USD trading volume, CME’s ETH futures reached $10.1bn in February (up 24.4% since January). Top-Tier exchanges now represent 92.4% of total spot volume based on CryptoCompare’s October 2022 Exchange Benchmark Ranking, compared to 93% in January.ĬME Futures Volumes Rise 21.2% Month on Month Despite the increase, trading volumes remain at historically low levels. ![]() Top-Tier spot volumes increased 9.23% to $873bn, and Lower-Tier spot volumes increased 20.4% to $72.1bn. In February, total spot trading volumes increased 10.0% to $946bn, the second month of consecutive volume increases. Trading Volumes Rise MoM, yet Remain at Historically Low Levels Surprisingly, USDC’s market share fell by 20 basis points over the same period. USDT appears to be the clear winner from BUSD’s debacle, with an increase in market share from 68.7% to 72.0% month on month. However, volumes have not reacted in a similar fashion, with BUSD remaining the second most used stablecoin/fiat option across all centralised crypto exchanges As a result, BUSD’s market cap fell 32.6% in February from $15.7bn to $10.6bn. This has resulted in a collapse of BUSD’s market capitalisation, as BUSD holders redeem the token in exchange for USD, while no new tokens are able to be minted. This includes an investigation by the NYDFS, an instruction by the regulator to cease the minting of new BUSD tokens, and a Wells Notice from the SEC. Total BUSD volumes fell 2.43% to $176bn in February, a lower-than-expected fall given the regulatory pressures suffered by BUSD over the last month. Binance’s market share across derivative exchanges also grew to 62.9%, its highest-ever recorded monthly market share.īUSD Sees a Marginal Fall in Volumes in February ![]() This is an all-time high market share for the exchange. ![]() In February, total BUSD volumes fell 2.43% to $176bnīinance Spot & Derivatives Market Share Reach New All-Time Highsīinance’s spot market share across Top-Tier exchanges grew for the fourth consecutive month, increasing from 59.4% in January to 61.8% in February, after the exchange saw a 13.7% increase in its spot volumes to $540bn. However, volumes have not reacted in a similar fashion, with BUSD remaining the second most used stablecoin/fiat option across all centralised crypto exchanges. BUSD’s market cap fell 32.6% in February from $15.7bn to $10.6bn.Binance’s market share across Top-Tier derivative exchanges also grew to 62.9%, its highest-ever recorded monthly market share.Binance’s spot market share across Top-Tier exchanges grew for the fourth consecutive month, increasing from 59.4% in January to 61.8% in February, after the exchange saw a 13.7% increase in its spot volumes to $540bn.In February, total spot trading volumes increased 10.0% to $946bn, the second month of consecutive volume increases.However, it is important to put this into context – with volumes still 71.0% below the all-time highs reached in May 2021.ĭownload the full report here for all the latest insights. During this period, cryptocurrency exchanges saw volumes across both derivative and spot markets increase by 4.01%. ![]()
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