CCData, a world chief in digital asset knowledge, has as soon as once more offered invaluable insights into the cryptocurrency change market with the January 2024 version of its extremely in style Trade Overview report. This month-to-month evaluation gives a deep dive into change volumes, crypto derivatives buying and selling, market segmentation, and the dynamics between crypto-to-crypto versus fiat-to-crypto volumes, amongst different key developments.
The beginning of 2024 has introduced with it a slight decline within the mixed spot and derivatives buying and selling quantity on centralized exchanges, marking the primary lower in 4 months. The whole buying and selling quantity dipped by 0.72% to $4.65 trillion. This discount follows a interval of heightened buying and selling exercise triggered by a sell-off and the deleveraging of positions by merchants, coinciding with the vary lows of crypto belongings after the U.S. approval of spot Bitcoin ETFs.
Opposite to the general decline, January noticed a 4.45% enhance in spot buying and selling volumes on centralized exchanges, reaching $1.40 trillion.
January 2024 Version of CCData’s Trade Overview
This marks the fourth consecutive month of rising month-to-month spot buying and selling volumes, a development seemingly sparked by the approval of spot Bitcoin ETFs within the U.S. Binance maintained its place as the biggest spot buying and selling change, with volumes rising by 2.73% to $437 billion, capturing a market share of 31.3%. In the meantime, OKX and Coinbase noticed blended fortunes, with OKX experiencing a lower in buying and selling volumes and market share, and Coinbase witnessing an increase in market share for the third consecutive month.
The derivatives buying and selling quantity witnessed a 2.79% decline to $3.25 trillion, alongside a lower in market share for the fourth consecutive month, settling at 69.9%. This shift suggests a transfer by merchants to deleverage their positions following the ETF narrative’s conclusion. Binance continued to guide the derivatives market, though it, together with OKX and Bybit, noticed a lower in buying and selling volumes. In distinction, CME and Kraken skilled vital will increase of their buying and selling volumes.
Notably, the full derivatives buying and selling quantity on the CME surged by 35.2% to $94.9 billion, the very best since October 2021. This enhance was pushed largely by institutional merchants winding down their positions submit the approval of spot Bitcoin ETFs within the U.S. Nonetheless, the open curiosity of BTC futures on the CME, which had not too long ago surpassed that on Binance, noticed a reversal, lowering by 8.50%.
Following the give attention to Bitcoin, consideration briefly shifted in direction of Ethereum, notably in anticipation of a doable ETH ETF approval. The buying and selling quantity for ETH futures on the CME rose by 15.6%, with ETH choices buying and selling quantity additionally seeing a major enhance. This shift underscores the market’s responsiveness to regulatory developments and the potential for brand new funding autos.