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July 30, 2019

Grayscale Bitcoin Trust Surges, CME Futures Drop and Tether Domination Continues: CryptoCompare Report

By CryptoCompare

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CryptoCompare just published its June 2019 Exchange Review, finding Grayscale’s Bitcoin trust soaring and crypto-to-crypto trades being dominated by less trustworthy exchanges.

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Key Highlights

Only two of the top 10 crypto-to-crypto exchanges by volume are ‘trusted’ (graded AA-B according to the CryptoCompare Exchange Benchmark)

Binance tops the crypto-to-crypto rankings, with a total volume of $42.1 billion in June (up 12.7% since May). Binance was followed by ZB and CoinBene at $39.3 billion (up 8.4%) and $38 billion (up 3.9%) respectively.

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In contrast, 8 out of 10 fiat-to-crypto exchanges are ‘trusted’

Bithumb was the top fiat-to-crypto exchange with a total volume in June of $13.9 billion, despite experiencing a 37% drop since May. Bithumb was followed by Coinbase and P2PB2B at $12.7 billion (up 17.4%) and $11.9 billion (down 22.9%) respectively.

Grayscale Bitcoin Investment Trust (GBTC) saw impressive growth

Total trading volumes for the GBTC continued to increase with $1.87 billion traded in June (up 48.1% since May).

CME Futures saw drop after record May

Regulated Bitcoin derivatives volumes are still dominated by CME, despite a 30% decrease from $11.3 billion in May to $7.9 billion USD in June.

Tether (USDT) still dominates stablecoin volumes

In June, BTC trading into USDT represented 69.4% of total volume (traded into fiat or stablecoin) vs 76.2% in May. Total volumes were down 34.8% at 7.8 million BTC in June but USDT remains the most popular stablecoin for Bitcoin trading – followed by PAX, USDC and TUSD. USDT represents 97.1% of total BTC trading across these four leading stablecoins.

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IDEX leads the decentralized exchange (DEX) market

IDEX was the largest DEX in June, trading a total of $53.9 million (up 33%), followed by Switcheo and BitSquare at $29.3 million (up 62%) and $25.4 million USD (up 249%) respectively. DEXs represent only a small fraction of global spot exchange volume (0.02%) and traded a monthly total of $126 million in June.

The full June Exchange Review Report can be found here.

 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.