{"id":81158,"date":"2023-07-04T09:34:45","date_gmt":"2023-07-04T06:34:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81158"},"modified":"2025-09-11T21:16:19","modified_gmt":"2025-09-11T18:16:19","slug":"analysts-flag-drop-in-exchange-turnover-to-2020-levels","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/analysts-flag-drop-in-exchange-turnover-to-2020-levels\/","title":{"rendered":"Analysts flag drop in exchange turnover to 2020 levels"},"content":{"rendered":"

The total trading volume on cryptocurrency exchanges for April\u2013June fell to its lowest level since Q4 2020. Such assessments came from Kaiko<\/a>.<\/p>\n

As one factor contributing to the slowdown, experts cited Binance’s reintroduction of fees for its most liquid Bitcoin pairs. As a result, the platform’s trading turnover collapsed by 70%. The declines at Coinbase, Kraken, OKX and Huobi were around 50%, according to analysts.<\/p>\n

\n
\\\"image-409\\\"
Data: Kaiko.
<\/figcaption><\/figure>\n<\/div>\n

Against a backdrop of cooling overall activity in the sector, feverish activity was observed on Korea-based platforms. By Kaiko’s estimates, by the end of June total daily turnover here surpassed $4 billion. Meanwhile, 90% of activity was concentrated in altcoins, led by Waves and Bitcoin Cash<\/a>.<\/p>\n

\n
\\\"image-410\\\"
Data: Kaiko.
<\/figcaption><\/figure>\n<\/div>\n

The euro-denominated trading turnover of digital assets tracked the global trend. The biggest decline occurred on Binance \u2014 its market share fell from more than 40% at the start of 2023 to 16% in June.<\/p>\n

The platform announced the termination of cooperation with Paysafe<\/a>, which, in the absence of alternatives, will lead to the impossibility of depositing and withdrawing euros starting in September.<\/p>\n

Binance’s difficulties led to Kraken securing a leadership position in the region \u2014 the exchange’s market share rose from 45% in January to 60% in June. In April, the platform obtained a license as a VASP in Ireland<\/a>.<\/p>\n

\n
\\\"image-411\\\"
Data: Kaiko.
<\/figcaption><\/figure>\n<\/div>\n

Trading volume of Bitcoin options in June reached a maximum since March ($22 billion). This was aided by the expiration of a quarterly contract with the largest open interest (OI). Almost two-thirds of trading activity was in call options.<\/p>\n

\n
\\\"image-412\\\"
Data: Kaiko.
<\/figcaption><\/figure>\n<\/div>\n

Fund inflows into Bitcoin derivatives markets accelerated in the second half of June amid BlackRock’s filing for a Bitcoin ETF<\/a>. Open interest on perpetual futures across the five largest platforms in Q2 rose 12%, to $8 billion, surpassing the June 2022 peak.<\/p>\n

Open interest on similar altcoin-based instruments from June 9 to 14 fell by 40% and by month-end remained near multi-year lows.<\/p>\n

The total for eight altcoins that gained securities status in the suit by the U.S. Securities and Exchange Commission against Coinbase<\/a> \u2014 ADA, SOL, MATIC, FIL, SAND, MANA, ALGO and AXS \u2014 fell 30% in Q2, to $480 million.<\/p>\n

\n
\\\"image-413\\\"
Data: Kaiko.
<\/figcaption><\/figure>\n<\/div>\n

Bitcoin price correlations with traditional assets have undergone significant adjustments amid regulatory changes.<\/p>\n

The historically negative BTC\/USD correlation softened markedly from -60% at the start of the year to -10% in June. The statistical relationship between digital gold and US investment-grade bonds slipped toward around zero (it stood at 30% in January). Bitcoin’s correlation with commodities rose, but the figure remains at historically low levels (~20%).<\/p>\n

\n
\\\"image-414\\\"
Data: Kaiko.
<\/figcaption><\/figure>\n<\/div>\n

In April, Eight founder Michael van de Poppe said that a Bitcoin bull market<\/a> had begun.<\/p>\n

Earlier, MicroStrategy founder Michael Saylor<\/a> predicted a multi-fold rise in digital gold thanks to regulation. In his view, the driver would be the actions of the SEC.<\/p>\n","protected":false},"excerpt":{"rendered":"

Total trading volume on cryptocurrency exchanges for April\u2013June fell to its lowest since Q4 2020. Such assessments came from Kaiko.<\/p>\n","protected":false},"author":1,"featured_media":81159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1166,1261,1145],"class_list":["post-81158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-centralized-exchanges-cex","tag-kaiko","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=81158"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81158\/revisions"}],"predecessor-version":[{"id":81160,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81158\/revisions\/81160"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81159"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}