The total trading volume on cryptocurrency exchanges in April-June fell to a minimum since the fourth quarter of 2020. Such assessments were given by Kaiko analysts.
As one of the factors for the decline, experts called the return of Binance commissions for the most liquid bitcoin pairs. As a result, the trading turnover of the platform collapsed by 70%. The decline in Coinbase, Kraken, OKX and Huobi was within 50%, experts calculated.
Against the backdrop of a general cooling of activity in the sector, the hype was observed on platforms based in South Korea. According to Kaiko estimates, by the end of June, the total daily turnover here exceeded $4 billion. At the same time, 90% of the activity was concentrated in altcoins, primarily in Waves and Bitcoin Cash.
The dynamics of the euro-denominated trading turnover of digital assets was in line with the global trend. The largest drop in the indicator occurred on Binance – its market share fell from more than 40% at the beginning of 2023 to 16% in June.
The platform announced the termination of cooperation with Paysafe, which, in the absence of alternatives, will lead to the inability to deposit and withdraw funds in euros starting in September.
Difficulties at Binance led to the consolidation of Kraken in the leading positions in the region – the exchange’s market share increased from 45% in January to 60% in June. In April, the platform received a license VASP in Ireland.
The volume of trading in bitcoin options in June reached a maximum since March ($22 billion). This was facilitated by the expiration of the quarterly contract with the largest open interest (OI). Call options accounted for nearly two-thirds of trading activity.
The influx of funds into the Bitcoin derivatives markets accelerated in the second half of June on the back of news that BlackRock filed an application to launch a Bitcoin ETF. OI for perpetual futures on the top five platforms rose 12% to $8 billion in the second quarter, surpassing the June 2022 high.
OI for similar instruments based on altcoins from June 9 to 14 fell by 40% and remained close to multi-year lows by the end of the month.
Cumulative figure for eight altcoins that received the status of securities in the lawsuit SEC against Coinbase – ADA, SOL, MATIC, FIL, SAND, MANA, ALGO and AXS – fell by 30% in the second quarter, to $480 million.
The price interconnectivity of bitcoin with traditional assets has undergone significant adjustments under the influence of news about the changing regulatory environment.
The historical negative correlation of BTC with USD has weakened significantly from -60% at the beginning of the year to -10% in June. The statistical relationship between digital gold and US investment grade bonds has dropped to near-zero values (it was 30% in January). The correlation of bitcoin with commodities has increased, but the indicator remains at historically low values u200bu200b(~20%).
Recall that the founder of the Eight trading platform, Michael van de Poppe, announced the beginning of a bull market in bitcoin.
Earlier, the founder of MicroStrategy, Michael Saylor, predicted a multiple growth of digital gold due to regulation. In his opinion, the actions of the SEC will be the driver.
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