“Great Appetite from Both Retail & Institutional Investors” Reports CryptoCompare CEO as Crypto-to-Crypto Volumes Grew 70%

According to the latest report of CryptoCompare, the cryptocurrency market data provider last month saw an increase of 70 percent in volume from crypto to crypto exchanges in comparison to February while fiat to crypto volume shrank.

This surge in volume indicates rising interest from the investors which is supported by Charles Hayter, the CEO of CryptoCompare who said.

“We continue to see great appetite from both retail and institutional investors to capitalise on the opportunities crypto asset trading can bring. And we have seen crypto markets taking positive steps in two main areas in order to attract institutional investors: the development of a nascent crypto derivatives market, and better trading tools.”

He further added, “Our goal remains the same: to act as gatekeepers for accurate, real-time cryptocurrency market data, that can be trusted as a basis for any investment decisions.”

Crypto Products

The majority of trading volume in March month came from Malta-registered exchanges that increased 56 percent since February followed by legally registered exchanges in Hong Kong and South Korea that saw an increment of 54 and 21 percent respectively.

Talking about the products, when it comes to crypto exchange derivatives, OKEx traded the highest average daily derivative volume in both swap and futures last month at $1.5 billion USD. OKEx was followed by Bitflyer Lightning (XBTJPY perpetual futures) at 1.14 billion USD and then BitMEX at 645 million USD.

With 73.6 million USD and 26.1 million USD, Deribit and Crypto Facilities respectively represent only a small percentage of derivatives volume.

As for institutional products, CME dominates regulated bitcoin derivative products followed by Grayscale’s GBTC product and CBOE’s BTC futures.

Crypto-to-Crypto Volume Increases while Fiat-to-Crypto Shrinks

Last month saw a sharp increase in volume by 70 percent that is 267 billion USD from crypto to crypto exchanges while those that offer fiat pairs decreased 8 percent since February.

When it comes to Bitcoin to Fiat volumes, BTC/USD comprised 46% of total Bitcoin fiat volume followed by BTC/JPY accounting for 20% share (decrease of 30% from Feb) and BTC/KRW that increase 10 percent.

USDT dominated with 81.7 percent of the total volume of Bitcoin to stablecoin, an increase of 43% from last month. USDT is the most popular pair against BTC followed by PAX, USDC, and TUSD.

OKEx leads the monthly crypto to crypto volume as per CryptoCompare report followed by ZB and Binance. Whereas, Bithumb was the top exchange by fiat to crypto exchange volume followed by Upbit and Bitfinex.

As for the decentralized exchanges, Ethermium was the largest DEX in March and then OpenLeder and WavesDEX.