Lower Grade Crypto Exchanges Continue To Attract ‘Lion’s Share Of Market Volume’: CryptoCompare

  • USD and USDT Still Leading the Crypto Market
  • Futures volume continue to decline, OKEx dominates overall crypto derivatives volumes

Crypto Compare, the digital asset data provider has released its September report of cryptocurrency exchanges.

The report shares that low-grade exchanges (D-E) have been the winner last month, attracting “the lion’s share of market volume.” While these exchanges represented 71% (347.2 billion USD) of the volume, top-grade (AA) exchanges saw a decrease of 31.6% — amounting to a share of 3% at 14.87 billion USD.

Trading volume from exchanges that offer only crypto pairs accounted for 84.4% of total trading volume in September. These exchanges saw a decline of 28.57% in trading volume.

Fiat to crypto exchanges, on the other hand, represented 16% of the market share, which registered a decrease of 17.83% in volume.

Among the top fiat exchanges, Liquid had the largest average daily trade count at 575k while Digifinex, Binance, and OKEx (crypto exchanges) saw the highest trade count consistently over the last three months.

USD and USDT Still Leading the Crypto Market

When it comes to fiat currencies, 47.82% of all Bitcoin to fiat trading was made up of US dollars. BTC/USD volume took a drop of 19% to 1.07 million BTC last month.

BTC/JPY trading pair, meanwhile, took the greatest hit of 40% from last August, representing only 621k BTC in Sep. With a decline of 9%, BTC trading into EUR registered 255,000 BTC.

As for stablecoins, USDT is still the dominant digital asset, which accounted for 70.95% of the total volume last month.

However, BTC/USDT trading was down 21.29%, totaling 6.22 million BTC. USDT’s popularity was followed by USDC and PAX.

Futures Volume Continue to Decline, OKEx dominates overall crypto derivatives volumes

When it comes to the derivatives market, OKEx was the top derivatives exchange in Sep. trading a total of 90.34 billion USD (down nearly 15%). Huobi captures second place at 84.52 billion (down 7.3%).

BitMEX remains the king when it comes to the perpetual BTC futures products followed by bitFlyer, representing $41.7 billion and $23.9 billion in trading respectively. OKEx and Deribit perpetual swaps follow behind with around $10 billion in trading volume.

The regulated bitcoin derivatives market, meanwhile, is still dominated by CME, despite the volume being down 18.3% at $4.82 billion, from $5.2 billion traded in August. The trading volume of Grayscale’s bitcoin trust (GBTC) fell 37.5% from August to $713.6 million in Sept. In options, Deribit represented 11% of total volume, surpassing $1 billion.

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