Crypto Trading Volumes Drop in Q2 to Yearly Lows
Bitcoin, the world’s largest cryptocurrency, lost the most market share of trading volume in the second quarter of this year.
Crypto trading volumes have hit yearly lows across quarter two, as market makers scale back on trading, according to data from Kaiko.
Average daily volumes for the second quarter of 2023 were $10 billion for the top 10 tokens (excluding stablecoins), compared to $18 billion average daily volumes in the first quarter of the year.
This comes as regulatory crackdown has in the last month, perhaps prompting traders and market makers to pull back. Last week, Binance and Coinbase, , received lawsuits against them from the U.S. Securities and Exchange Commission (SEC).
In terms of individual token market share of trading volume across Q2, bitcoin has lost around 20 percentage points since its peak at the end of March. Ether outperformed bitcoin, taking a 5 percentage point increase in share of volumes. Binance’s BNB rose from 2% of volumes to over 7% in the last few days amid the Binance regulatory fear.
Edited by Nelson Wang.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
Recently, BTC has weakened, altcoins have declined across the board, and trading volume on the Solana blockchain has continued to shrink. Daily transaction volume on Solana has hit new yearly lows, with over $200 million in sell-offs on pump.fun in just over two months since the start of the year. Additionally, the hype surrounding Argentina's president-related memecoin last weekend drained additional liquidity from the Solana network. Adding to investor concerns, a large amount of SOL is set to be unlocked on March 1, exacerbating deteriorating sentiment and leading to a noticeable decline in market wealth effects. Against this backdrop, investors are advised to reduce leverage, manage risk, and reserve funds for potential dip-buying opportunities. This edition highlights several USDT-based, SOL-based, and BTC-based Earn products, offering investors a diverse range of investment options.
Bitcoin News: $1.25B Stablecoin Injection—Fuel for the Next BTC Pump?
Franklin Templeton seeks SEC approval for a Solana ETF involving staking
Quick Take Franklin Templeton’s registration statement posted on Friday included language around language on staking for a proposed Franklin Solana ETF. “I think staking will ultimately be allowed for all proof-of-stake assets inside an ETF wrapper,” said Bloomberg ETF analyst James Seyffart.
Bitcoin Holds at $95K, but Market Lacks Catalysts for a Breakout
Trending news
MoreCrypto prices
More
