- This follows from Kaiko’s quarterly report
- We are seeing a massive shift in the capital market
- Cryptocurrency is shifting from US to Asian markets
Kaiko analysts reported that cryptocurrency spot trading volumes fell sharply to 2020 lows in Q2 2023.
The largest losses were recorded by Binance. The volume of trading here decreased by almost 70%. Analysts believe there are many reasons for this. These are lawsuits in the U.S., the withdrawal of banking partners, regulatory problems in Europe, etc.. Also, the exchange returned the commission for its liquid BTC pairs in Q2. This too contributed to the drop in volumes.
The Coinbase, Kraken, OKX exchanges saw trading volumes drop by more than 50% in Q2.
The massive shift in the capital market
In the last week of June, trading volumes on South Korean exchanges rose to record highs. They reached a daily figure of $4 billion. Of that, $3.6 million came from altcoins.
The volume of trading denominated in KRW exceeded that in dollars for the first time ever. This came after a rush for WAVES and Bitcoin Cash (BCH) tokens.
Last Thursday, the largest local exchange, Upbit, recorded trading volume of over $350 million in BCH/KRW. And Bitcoin Cash has grown by more than 200% in recent days. The price excitement began after the news that the asset BCH appeared in the listing of EDX Markets. This is a new U.S. exchange for institutional investors. Its opening has fueled the interest of large investors.