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.
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).
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.
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.
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.