EXCHANGE REVIEW June 2020 - CryptoCompare...3 June 2020 Exchange Review Key Highlights Crypto...
18
0 June 2020 Exchange Review EXCHANGE REVIEW June 2020
Transcript of EXCHANGE REVIEW June 2020 - CryptoCompare...3 June 2020 Exchange Review Key Highlights Crypto...
0
June 2020 Exchange Review
EXCHANGE REVIEW
June 2020
1
June 2020 Exchange Review
About
CryptoCompare’s Exchange Review aims to capture the key developments within the cryptocurrency
exchange market. Our review focuses on analyses that relate to exchange volumes, which include those
related to crypto derivatives trading, market segmentation by exchange fee models, and crypto to crypto
vs fiat to crypto volumes. We also conduct an analysis of bitcoin trading into various fiats and stablecoins,
an additional overview of top crypto exchange rankings by spot trading volume, as well as a focus on how
volumes have developed historically for the top trans-fee mining and decentralized exchanges.
CryptoCompare’s Exchange Review is conducted on a monthly basis and caters to both the crypto-
enthusiast interested in a broad overview of the crypto exchange market, as well as investors, analysts and
regulators interested in more specific analyses.
For questions related to our research or any potential requests, feel free to contact our research department
Sponsored By
The Crypto.com Exchange is powered by the CRO token and features deep liquidity, low fees,
and best execution prices. The Exchange provides seamless connectivity with the Crypto.com
App to access the full suite of product offerings, including Earn, Credit, and Payment.
All new users will enjoy 0% trading fees for the first 90 days of their account. Sign up today and
take advantage of everything Crypto.com has to offer.
Explore the data on the CryptoCompare API
For those interested in accessing CryptoCompare’s data for their own purposes, including cryptocurrency
trade data, order book data, blockchain data, social data or historical data across thousands of
cryptocurrencies and 200+ exchanges, please take a look at CryptoCompare’s API here: https://min-
api.cryptocompare.com
2
June 2020 Exchange Review
Contents
About 1
Key Highlights 3
Exchange Benchmark Analysis 6
Macro Analysis and Market Segmentation 8
Derivatives 13
Options 15
CME Institutional Volume 16
3
June 2020 Exchange Review
Key Highlights
Crypto Volumes Plummet in June
In June, both Top Tier volumes and Lower Tier spot volumes decreased drastically to $177bn (-
36%) and $466bn (-53%) respectively.
Spot volumes have gradually dwindled throughout the month of June, now representing roughly
half of the daily volumes seen in the previous month.
Institutional Options Volumes on CME Hit New High
In June, CME total options volumes once again reached an all-time monthly high of 8,444
contracts traded up 41% since May, where 5,986 options contracts were traded.
In contrast, CME futures volumes have decreased since May by 23% (number of contracts) to
reach 128,258 in June.
Crypto Derivatives Volumes See 2020 Low
Crypto derivatives volumes dropped 35.7% in June to $393bn – the lowest monthly volumes in
2020. Meanwhile, total spot volumes have decreased by 49.3% to $642.6bn. As a result, derivatives
have gained market share and represented 37% of the market in June (vs 32% in May).
Binance and OKEx Remain Top Players in Spot Market
Binance and OKEX remained the top players in terms of volume in June relative to other Top Tier
exchanges. Among the top 15 top tier exchanges, they currently represent approximately three
quarters of spot volume.
Binance was the largest Top Tier exchange by volume in June, trading $41.8bn (down 19.6%). This
was followed by OKEx trading $40.6bn (down 29.0%), and Coinbase trading $6.86bn (down
38.5%).
5
June 2020 Exchange Review
June Exchange News
COMPANY STORY DATE
BitMEX Bitcoin developer grant provided to Gleb Naumenko June 4
Delta
Exchange
Launch of Interest Rate Swaps June 4
Deribit Partnership with WIRESWARM to Allow Banks to Trade
Crypto Derivatives
June 9
Binance Launch of Quarterly Futures June 11
Huobi Global Launch of Bi-Quarterly Futures Contracts June 15
Binance Upcoming Launch of Trading Platform for UK-based
Users
June 17
Coinbase Introducing Rosetta: Build once. Integrate your blockchain
everywhere
June 17
FTX Launch of Spot and Derivatives Trading for COMP June 19
Coinbase COMP Listed on Coinbase.com June 25
Kraken $150,000 Grant to Open-Source Bitcoin Payment Processor BTCPay
June 25
6
June 2020 Exchange Review
Exchange Benchmark Analysis
CryptoCompare’s Exchange Benchmark aims to serve investors, regulators and crypto enthusiasts
by scoring exchanges in terms of transparency, operational quality, regulatory standing, data
provision, management team, and their ability to monitor trades and illicit activity effectively.
Rather than drawing attention specifically to bad actors, we instead highlight those that behave
in a manner that is conducive to maintaining an efficient and fair market, ensuring greater safety
of investors. We have hence introduced the notion of “Top-Tier” vs “Lower-tier” volumes.
In June, both Top Tier volumes and Lower Tier volumes decreased drastically to $177bn (-
36%) and $466bn (-53%) respectively.
0
200
400
600
800
1000
1200
1400
Jul-
2017
Au
g-2
017
Sep
-2017
Oct
-2017
No
v-2
017
Dec-
2017
Jan
-2018
Feb
-2018
Mar-
2018
Ap
r-2018
May-2
018
Jun
-2018
Jul-
2018
Au
g-2
018
Sep
-2018
Oct
-2018
No
v-2
018
Dec-
2018
Jan
-2019
Feb
-2019
Mar-
2019
Ap
r-2019
May-2
019
Jun
-2019
Jul-
2019
Au
g-2
019
Sep
-2019
Oct
-2019
No
v-2
019
Dec-
2019
Jan
-2020
Feb
-2020
Mar-
2020
Ap
r-2020
May-2
020
Jun
-2020M
on
thly
Vo
lum
e (
Billio
ns
USD
)
Historical Monthly Top Tier vs Lower Tier Volume
Lower Tier Top Tier
-53%
-36%
% Change May/June
7
June 2020 Exchange Review
Spot volumes have gradually dwindled throughout the month of June, now representing roughly
half of the daily volumes seen in the previous month. This has effected both Top Tier and Lower
Tier volume.
Top Tier exchange volume, selected based on our rigorous Exchange Benchmark methodology,
has decreased 36% overall in June. The highest recorded volume during June was $9.26bn.
0
5000
10000
15000
20000
25000
0
10
20
30
40
50
60
70
80
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
BTC
Pri
ce (
USD
)
Daily V
olu
me (
Billio
ns
USD
)Total Spot Volume - Lower Tier vs Top Tier Exchanges
Top Tier Spot Lower Tier Spot BTC Price
$75.9bn
13 March $66.2bn
30 April
$64.7bn
10 May
$21.6bn
13th March$18bn
30th April
0
5000
10000
15000
20000
25000
0
5
10
15
20
25
30
Jan-20 Jan-20 Mar-20 Mar-20 Apr-20 May-20 Jun-20
BTC
Pri
ce (
USD
)
Daily V
olu
me (
Billio
ns
USD
)
Total Spot Volume - Top Tier Exchanges
Top Tier Spot BTC Price
$14.9bn
10 May$9.26bn
11 June
8
June 2020 Exchange Review
Macro Analysis and Market Segmentation
Exchanges that charge traditional taker fees represented 76% of total exchange volume in
June, while those that implement Trans-Fee Mining (TFM) represented less than 23%. In
May, fee charging exchanges represented 77% of total spot volume.
Fee-charging exchanges traded a total of $455bn in June (down 48% since May), while those that
implement TFM models traded $141bn (down 45% since May).
In June, volume from many of the largest Top Tier exchanges decreased 35% on average
(vs May).
0
200
400
600
800
1000
1200
1400
Jul-
2017
Au
g-2
017
Sep
-2017
Oct
-2017
No
v-2
017
Dec-
2017
Jan
-2018
Feb
-2018
Mar-
2018
Ap
r-2018
May-2
018
Jun
-2018
Jul-
2018
Au
g-2
018
Sep
-2018
Oct
-2018
No
v-2
018
Dec-
2018
Jan
-2019
Feb
-2019
Mar-
2019
Ap
r-2019
May-2
019
Jun
-2019
Jul-
2019
Au
g-2
019
Sep
-2019
Oct
-2019
No
v-2
019
Dec-
2019
Jan
-2020
Feb
-2020
Mar-
2020
Ap
r-2020
May-2
020
Jun
-2020
Mo
nth
ly V
olu
me (
Billio
ns
USD
)
Historical Volume by Fee Model
Fees TFM
0
50
100
150
200
250
300
Sep
-2017
Oct
-2017
No
v-2
017
Dec-
2017
Jan
-2018
Feb
-2018
Mar-
2018
Ap
r-2018
May-2
018
Jun
-2018
Jul-
2018
Au
g-2
018
Sep
-2018
Oct
-2018
No
v-2
018
Dec-
2018
Jan
-2019
Feb
-2019
Mar-
2019
Ap
r-2019
May-2
019
Jun
-2019
Jul-
2019
Au
g-2
019
Sep
-2019
Oct
-2019
No
v-2
019
Dec-
2019
Jan
-2020
Feb
-2020
Mar-
2020
Ap
r-2020
May-2
020
Jun
-2020
Mo
nth
ly V
olu
me (
Billio
ns
USD
)
Historical Monthly Top Tier Exchange Volume
Binance OKEX Coinbase Kraken Bitstamp Bitfinex
9
June 2020 Exchange Review
Binance was the largest Top Tier exchange by volume in June, trading $41.8bn (down
19.6%). This was followed by OKEx trading $40.6bn (down 29.0%), and Coinbase trading
$6.86bn (down 38.5%).
Binance and OKEx remained the top players in terms of volume in June relative to other
Top Tier exchanges. Among the top 15 Top Tier exchanges, they currently represent
approximately three quarters of the volume.
0
10
20
30
40
50
60
70
Binance OKEX Coinbase Liquid Kraken Bitstamp Bitfinex
Mo
nth
ly V
olu
me (
Billio
ns
USD
)Historical Monthly Top Tier Exchange Volume - Last 3
Months
Apr-2020 May-2020 Jun-2020
0
2
4
6
8
10
12
01-Apr-20 15-Apr-20 29-Apr-20 13-May-20 27-May-20 10-Jun-20 24-Jun-20
Daily V
olu
me (
Billio
ns
USD
)
Daily Trading Volume Among Top Tier Exchanges
Binance OKEX Gemini Coinbase Kraken Bitstamp Bitfinex
10
June 2020 Exchange Review
11
June 2020 Exchange Review
Bitcoin to Fiat Volumes
BTC trading into USDT decreased 56% in June to 6.47mn BTC vs 14.9mn BTC in May.
Trading into USD and JPY also decreased to 1.12mn BTC (down 44%) and 0.92mn BTC
(down 38%) respectively. The EUR and KRW markets decreased 45% and 50%
respectively.
Stablecoins USDC and PAX also saw large decreases in total volume traded into BTC. BTC/USDC
and BTC/PAX markets traded 76.9k BTC (down 57%) and 13.5k BTC (down 54%) respectively in
June.
0
5
10
15
20
25
30
35O
ct-2
017
No
v-2
017
Dec-
2017
Jan
-2018
Feb
-2018
Mar-
2018
Ap
r-2018
May-2
018
Jun
-2018
Jul-
2018
Au
g-2
018
Sep
-2018
Oct
-2018
No
v-2
018
Dec-
2018
Jan
-2019
Feb
-2019
Mar-
2019
Ap
r-2019
May-2
019
Jun
-2019
Jul-
2019
Au
g-2
019
Sep
-2019
Oct
-2019
No
v-2
019
Dec-
2019
Jan
-2020
Feb
-2020
Mar-
2020
Ap
r-2020
May-2
020
Jun
-2020
Mo
nth
ly V
olu
me (
Millio
ns
BTC
)
Monthly Bitcoin Volume Traded into Fiat or Stablecoin
USDT USD JPY EUR KRW USDC PLN GBP
0
2
4
6
8
10
12
14
16
18
USDT USD JPY EUR KRW USDC PLN GBP TRY
Mo
nth
ly V
olu
me (
Millio
ns
BTC
)
Monthly Bitcoin Volume Trading into Fiat or Stablecoin
Apr-2020 May-2020 Jun-2020
12
June 2020 Exchange Review
The BTC/USDT pair still represents the majority of BTC traded into fiat or stablecoin in June
at 69%. However, its proportion of total volume in May was 75%.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Oct
-2017
No
v-2
017
Dec-
2017
Jan
-2018
Feb
-2018
Mar-
2018
Ap
r-2018
May-2
018
Jun
-2018
Jul-
2018
Au
g-2
018
Sep
-2018
Oct
-2018
No
v-2
018
Dec-
2018
Jan
-2019
Feb
-2019
Mar-
2019
Ap
r-2019
May-2
019
Jun
-2019
Jul-
2019
Au
g-2
019
Sep
-2019
Oct
-2019
No
v-2
019
Dec-
2019
Jan
-2020
Feb
-2020
Mar-
2020
Ap
r-2020
May-2
020
Jun
-2020
Monthly Bitcoin Volume Traded into
Fiat or Stablecoin
USDT USD JPY EUR KRW USDC PLN GBP
13
June 2020 Exchange Review
Derivatives
Derivatives volumes dropped 35.7% in June to $393bn – the lowest monthly volumes in
2020. Meanwhile, total spot volumes have decreased by 49.3% to $642.6bn. As a result,
derivatives have gained market share and represented 37% of the market in June (vs 32% in May).
0.0
0.5
1.0
1.5
2.0
2.5N
ov-2
018
Dec-
2018
Jan
-2019
Feb
-2019
Mar-
2019
Ap
r-2019
May-2
019
Jun
-2019
Jul-
2019
Au
g-2
019
Sep
-2019
Oct
-2019
No
v-2
019
Dec-
2019
Jan
-2020
Feb
-2020
Mar-
2020
Ap
r-2020
May-2
020
Jun
-2020
Mo
nth
ly T
rad
ing
Vo
lum
e (
Tri
llio
ns
USD
)
Monthly Spot vs Derivatives Volumes
Derivatives Spot
0
100
200
300
400
500
600
700
Oct
-2019
No
v-2
019
Dec-
2019
Jan
-2020
Feb
-2020
Mar-
2020
Ap
r-2020
May-2
020
Jun
-2020
Mo
nth
ly V
olu
me (
$b
n)
Historical Monthly Derivatives Volumes
Huobi FTX OKEx BitMEX Binance Deribit CME
14
June 2020 Exchange Review
All derivatives exchanges saw large decreases in trading volume in June, with BitMEX
decreasing the most proportionally (-50.3% to $51.6bn). In contrast, institutional player
CME decreased the least (-16.6%) totalling $6.65bn in June.
Huobi maintained its status as the largest derivatives exchange in June by volume, and traded
$122.4bn (down 38.3% since May). OKEx and Binance followed with $106.9bn (down 30.4%) and
$85.9bn (down 34.2%) respectively, while Deribit saw a decrease of 43.4% to $8.8bn.
The maximum daily trading volume in June was $23.8bn, which occurred on the 1st. This
represents over 50% of the highest volume in April ($39bn on 30th of April), and 32% of the
highest volume in May ($35bn on 10th May).
0
20
40
60
80
100
120
140
160
180
200
Huobi OKEx Binance BitMEX FTX Deribit CME
Mo
nth
ly V
olu
me (
$b
n)
Historical Monthly Derivatives Volumes
Apr-2020 May-2020 Jun-2020
0
2000
4000
6000
8000
10000
12000
0
10
20
30
40
50
60
01
-Mar-
20
04
-Mar-
20
07
-Mar-
20
10
-Mar-
20
13
-Mar-
20
16
-Mar-
20
19
-Mar-
20
22
-Mar-
20
25
-Mar-
20
28
-Mar-
20
31
-Mar-
20
03
-Ap
r-20
06
-Ap
r-20
09
-Ap
r-20
12
-Ap
r-20
15
-Ap
r-20
18
-Ap
r-20
21
-Ap
r-20
24
-Ap
r-20
27
-Ap
r-20
30
-Ap
r-20
03
-May-2
0
06
-May-2
0
09
-May-2
0
12
-May-2
0
15
-May-2
0
18
-May-2
0
21
-May-2
0
24
-May-2
0
27
-May-2
0
30
-May-2
0
02
-Ju
n-2
0
05
-Ju
n-2
0
08
-Ju
n-2
0
11
-Ju
n-2
0
14
-Ju
n-2
0
17
-Ju
n-2
0
20
-Ju
n-2
0
23
-Ju
n-2
0
26
-Ju
n-2
0
29
-Ju
n-2
0
BTC
Pri
ce (
USD
)
Dai
ly V
olu
me
(Bill
ion
s U
SD)
Daily Derivatives Volume - Last Four Months
Binance Huobi Deribit BitMEX OKEx FTX CME BTC Price
Total: $53Bn
12 March
$39.1Bn
30 April
$23.8Bn
1 June
$35.0Bn
10 May
-38.3%
-30.4%
-34.2%
-50.3%
-29.6%
-43.4%
-16.6%
Huobi
OKEx
Binance
BitMEX
FTX
Deribit
CME
% Change May/June
15
June 2020 Exchange Review
Options
Deribit monthly options volume saw a 17.8% decrease in June, but this is less of a decrease
than seen on other derivatives exchanges that only offer futures products. In June, there
were two major peaks in volume - the 2nd ($178mn) and the 26th ($162mn). These volumes
are comparable to the daily records seen in previous months.
$188mn
13th March$168mn
30th April
$196mn
10th May
$178mn
2nd June$162mn
26th June
0
2000
4000
6000
8000
10000
12000
0
50
100
150
200
250
Mar-20 Apr-20 May-20 Jun-20
BTC
Pri
ce (
USD
)
Daily O
pti
on
s V
olu
me (
Millio
ns
USD
)
Deribit Options Volumes
Deribit BTC Price
0
0.5
1
1.5
2
2.5
3
3.5
Mo
nth
ly V
olu
me
(Bill
ion
s U
SD)
Monthly Options Volumes
16
June 2020 Exchange Review
CME Institutional Volume
CME futures volumes have decreased since May by 23% (number of contracts) to reach
128,258 in June (see next page for monthly chart). Futures contract volume reached a daily
high of 21,001 contracts traded on 11th May, while June saw a maximum of only 16,101 contracts
traded on the 2nd of June.
Meanwhile, in June CME total options volumes once again reached an all-time monthly
high of 8,444 contracts traded (up 41% since May). In May, 5,986 options contracts were
traded (please see next page for monthly chart). Despite the monthly record, daily options
contract volumes did not reach an all-time high. The highest daily volume recorded in June was
1,061 contracts on the 19th (vs 1,418 on 28th May).
21,001
11th May 16,101
2nd June 11,601
24th June
0
5000
10000
15000
20000
25000
30000
35000
4000001-M
ar-
20
08-M
ar-
20
15-M
ar-
20
22-M
ar-
20
29-M
ar-
20
05-A
pr-
20
12-A
pr-
20
19-A
pr-
20
26-A
pr-
20
03-M
ay-2
0
10-M
ay-2
0
17-M
ay-2
0
24-M
ay-2
0
31-M
ay-2
0
07-J
un
-20
14-J
un
-20
21-J
un
-20
28-J
un
-20
Bit
coin
Daily F
utu
res
Co
ntr
act
s Tra
ded
CME Futures Contract Volume
1418 contracts
28th May
1061 contracts
19th June
0
200
400
600
800
1000
1200
1400
1600
01-M
ar-
20
08-M
ar-
20
15-M
ar-
20
22-M
ar-
20
29-M
ar-
20
05-A
pr-
20
12-A
pr-
20
19-A
pr-
20
26-A
pr-
20
03-M
ay-2
0
10-M
ay-2
0
17-M
ay-2
0
24-M
ay-2
0
31-M
ay-2
0
07-J
un
-20
14-J
un
-20
21-J
un
-20
28-J
un
-20
Bit
coin
Daily O
pti
on
s C
on
tract
s Tra
ded
CME Options Contracts Volume
17
June 2020 Exchange Review
In terms of total trading volume in June, CME’s volumes have decreased 16.6% to reach
$6.7bn. This is a less significant decrease than any other derivatives exchange in June.
0
2
4
6
8
10
12
Jan
-2019
Feb
-2019
Mar-
2019
Ap
r-2019
May-2
019
Jun
-2019
Jul-
2019
Au
g-2
019
Sep
-2019
Oct
-2019
No
v-2
019
Dec-
2019
Jan
-2020
Feb
-2020
Mar-
2020
Ap
r-2020
May-2
020
Jun
-2020
Mo
nth
ly T
rad
ing
Vo
lum
e (
Billio
ns
USD
)
Monthly CME Volume
0
1000
2000
3000
4000
5000
6000
7000
8000
9000M
ar-
2020
Ap
r-2020
May-2
020
Jun
-2020
CM
E O
pti
on
s C
on
tract
Tra
din
g
Vo
lum
es
(# c
on
tract
s)
CME Options Contract Volumes
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Mar-
2020
Ap
r-2020
May-2
020
Jun
-2020CM
E F
utu
res
Co
ntr
act
Tra
din
g
Vo
lum
es
(# c
on
tract
s)
CME Futures Contract Volumes
