Cryptocurrency information website CryptoCompare recently released its September report, and it has some surprising data about cryptocurrency trading in the month of September. According to the report, AA-rated exchanges, that is Coinbase, Poloniex, Bitstamp, bitFlyer, Liquid and itBit, have witnessed a 31.6% plunge in their trading in a month, while D and E grade exchanges have made over 71% of the spot trading volume.
Lower Tier Exchanges Getting More Trade Than the Top Tier Exchanges
As per the report, lower-tier exchanges have beat top tier exchanges at trading volume. AA-graded exchanges only made up 3% ($14.87 Bn) of the aggregate cryptocurrency trading volume in September, whereas A and B grade exchanges traded 14.3% )($71.98 Bn) and 4.7% ($4.7 Bn) of the total volume respectively. Grade D and E exchanges did have a trading volume of a whopping $347.2 Bn in September.
Coinsbit, LBank, and P2PB2B were among exchanges that enjoyed a relatively bigger trade size than many higher graded exchanges. Their average trade sizes stood at 8.7, 2.1 and 1.2 BTC respectively. In terms of trade count, the top tier exchanges scored higher. Grade D exchange Coinsbit only had an average of 2.526 trades per day, while Digifinex, Binance, OKEx and Bitstamp had an average of over 400K, 300K, 226K and 14K trades per day respectively.
Among fiat exchanges, Liquid was a clear winner with an average of 575K daily trades.
CME Rules Institutional BTC Products
When it came to institutional bitcoin products, CME was the top player with a total trading volume of $4.82 Bn. This figure, however, was 18.3% lower than its August figure of $5.9 Bn. Grayscale’s Bitcoin Trust (GBTC) also plunged 37.5% from its August figures to $713.6 MM in September.
Most Traded Derivative – BitMEX’s Perpetual BTC Futures
In the crypto derivatives segment, OKEx displayed exceptional performance with a daily derivatives volume trading of $3.0 Bn and a 33.7% market share. Huobi came second with a volume of 2.82Bn and a 31.6% market share and BitMEX third with a volume of $1.88 Bn and a market share of 21.1%. BitFlyer, Deribit and CryptoFacilities followed with the daily trading volume of $797 MM, $334 MM and $74 MM respectively.
BitMEX’s perpetual BTC futures were the most derivatives product by trading volume. A total of $41.7 Bn BitMEX perpetual BTC futures were traded in the month of September. BTC futures products by Huobi and OKEx with expiry on 27 September also saw a healthy trading volume of $23.3 Bn and $17.4 Bn respectively.
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