Crypto Exchanges See Volume Highs in March

Crypto Exchanges See Volume Highs in March

Cryptocurrency market data provider, CryptoCompare, reports that market turmoil last month resulted in volumes hitting an all-time high on March 13, and note that spot volumes have been surging since January despite plummeting institutional interest.

The massive market crash on March 12th-13th saw daily volumes hit $75.9 billion in a single day (13th March) – the single greatest daily volume recorded in cryptoasset history, says Charles Hayter, co-founder and CEO.

Most of this figure came from lower-tier exchanges ($54.3 billion), with volume from top tier exchanges totalling $21.6bn (28.5%) – one of the highest top tier volumes recorded, he notes.

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Spot Volumes Surged in Q1

Since December 2019, volumes from top tier exchanges have continued to increase month-on-month. In March, volume from many of the largest top tier exchanges increased 35% on average (vs February).

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Derivatives Volumes Hit All-Time High

Derivatives volumes totalled $600 billion in March, up 5% since February. The largest derivatives players include OKEx, BitMEX, Huobi and Binance, with these four representing a combined $514 billion (86% of the derivatives market for March), according to CryptoCompare.
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Newer Derivatives Exchanges Binance and FTX Saw Volumes Soar

Binance and FTX saw monthly volumes surge 27% (to $95.8bn) and 94% (to $35.8bn), respectively, in March, notes CryptoCompare. Binance and FTX initially together represented 14% market share in January, but now represent approximately 22% in March.

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Institutional Derivatives Volumes Plummeted

Institutional appetite for derivatives products appeared to decline rapidly following the BTC crash, with CME losing 44% of volume compared to February, according to CryptoCompare. Trading volumes totalled $7.36bn in March compared to $13.1bn in February.

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Julie Ros
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Julie Ros

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