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Key highlights from CryptoCompare’s April 2019 Exchange Review
- Top crypto-to-crypto exchanges – Monthly volumes increased by 57%. Fcoin topped the rankings at $37.1 billion (up 300%), followed by OKEx and ZB at $35.1 billion (up 12.4%) and $32.4 billion (up 18.8%) respectively.
- Top fiat-to-crypto exchanges – Monthly volumes increased by 85%. Bithumb was the top exchange at $17 billion, despite a 47% drop in volumes, followed by Upbit and Bitfinex at $8.7 billion (up 20%) and $6.7 billion (up 114%) respectively. Coinbase, Kraken, Bitstamp and Coinsbit also enjoyed a surge in volumes in April, while Liquid experienced a decrease.
- Decentralized exchanges – While Ethereum once again attracted the greatest volumes at $194 million, these were down 42%. WavesDEX was at $32.5 million (up 3.5%) followed by IDEX at $31.4 million (up 15.9%). DEXs represent only 0.1% of the global spot market.
- Transaction fee mining exchanges – There was a sharp increase in TFM volumes, led by FCoin at $37.1 billion (up 300%), followed by CoinBene at $27 billion (up 51.5%) and ZBG at $16 billion (up 37.2%).
- Crypto derivatives – bitFlyer Lighting (XBT-JPY perpetual futures) saw the highest daily average volumes at $1.6 billion, followed by BitMEX (XBT-$perpetual futures) at $1.1 billion and OKEx Futures at $1.1 billion (several futures products). In comparison, regulated futures exchanges represented a very small proportion of volumes with CME trading a daily average of $0.3 billion and CryptoFacilities trading $36.9 million.
- Institutional Bitcoin derivatives – CME continues to dominate with average daily volumes of $256 million (up 263%), followed by Grayscale’s Bitcoin trust product (GBTC) at $29.7 million (up 239%). Despite having chosen to cease listing additional Bitcoin futures products, CBOE’s Bitcoin futures traded a daily average of $9.9 million (up 109%).
- Crypto-to-crypto vs fiat-to-crypto – Once again, April saw a significant increase in volumes across exchanges offering only crypto pairs with $396 billion traded (up 49%). Crypto-to-crypto volumes represented 84.5% of total spot volume in April. Trading on exchanges also offering fiat pairs increased to $72 billion (up 25%).
- Bitcoin-to-fiat – The USD accounted for 60% of all Bitcoin trading into fiat, at BTC 1.6 million (up 74.7%). BTC-JPY volumes continued to decrease, coming in at BTC 0.3 million (down 40%), accounting for only 10% of all Bitcoin to fiat trading (vs 24% in March). BTC-KRW volumes continued to increase, accounting for BTC 0.3 million (up 17.6%).
- Bitcoin-to-stablecoin – BTC-USDT trading represented 78.9% of total volume (across fiat or stablecoin), at BTC 10.3 million (up 15%). The BTC-USDT pair accounts for 97.9% of Bitcoin-to-stablecoin trading, followed by PAX, USDC and TUSD.
- Predominant fee type? – Exchanges that charge taker fees traded $352 billion (up 30%), representing 75.1% of total volume. Those charging transaction fee mining traded $115 billion (up 124%), accounting for 24.6%.