Tron Founder Justin Sun Spotlights Major HTX Milestone

Justin Sun’ HTX Exchange hit a major milestone after as it ranked second globally in spot trading.

HTX Outranks Coinbase Again

According to data from CoinGecko, HTX Global (formerly Huobi) featured on the list of Top Crypto Exchanges Ranked by Trust Score.

The list contains the names of 219 cryptocurrency exchanges including Binance, OKX, KuCoin, Coinbase, Kraken, Bitget, Bitfinex, and Upbit amongst others. HTX ranked second with a trust score of 10/10 and a 24-hour trading volume of $2.7 billion.

The Tron Network founder Sun acknowledged this as the first time the exchange will hit such a rank.

HTX followed Binance which ranked first with a trading volume of more than $13.1 billion. Other crypto exchanges that fell into the 10/10 category in order of appearance are OKX, Coinbase, Kraken, Kucoin, and Binance U.S. Every other exchange on the list has a trust score ranging from 9/10 to 1/10.

For the first time, HTX @HTX_Global is ranked second 🥈 globally in spot trading. This is just the beginning! We will continue to work hard! 💪 pic.twitter.com/mdfzBxdhyG

— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 24, 2024

This is one of the many wins that HTX has recorded this year. In May, Sun identified HTX Global’s meteoric rise in spot trading volume, stating that it surpassed that of Coinbase. While Coinbase exchange saw $1.5 billion in trading volume, HTX outranked it by claiming $2.05 billion in spot trading volume in 24 hours.

This became the Justin Sun-led exchange’s first time to outperform Coinbase. The latest report on Top Crypto Exchanges Ranked by Trust Score marks the second time on record.

First Trading Day For Spot Ethereum ETFs

HTX new ranking coincides with the time that the broader crypto industry saw the launch of Ethereum ETFs. After the United States Securities and Exchange Commission (SEC) approved the spot Ethereum ETF offering for trading, it hit the market immediately.

On the first trading day, the spot Ethereum ETFs saw notable trading volume of over $1 billion in addition to net inflows of $107 million. BlackRock’s ETF led the pack with $265 million in total inflows, while the Grayscale Ethereum Trust (ETHE) had a less favorable impact. This hardly comes as a surprise considering how Grayscale Bitcoin Trust (GBTC) performed after the ETF launched in January.

Bitwise Ethereum ETF (ETHW) recorded more than $200 million worth of inflows. Fidelity Ethereum ETF (FETH) saw over $70 million in total inflows. The other players like Invesco, 21Shares, VanEck, and Franklin recorded inflows to the tune of anywhere between $5-$15 million.

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