Reading time: ~2 m
According to the latest review of the CryptoCompare exchange, cryptocurrency investors are moving away from Bitcoin (BTC) to the leading stablecoin Tether (USDT) as cryptocurrency prices fall.
The report details that Bitcoin and Ethereum (ETH) closed June at $19,908 and $1,070 after falling by 37.4% and 44.9%, respectively, recording the biggest monthly drop since February 2014 for BTC and March 2018 for ETH.
These drops led to a rise in spot Bitcoin trading in stablecoins last month as “investors remained cautious due to fears of a liquidity crisis at strike crypto credit companies.” According to the report, BTC trading in USDT grew by 24.3% last month, allowing the asset to remain the dominant stablecoin and fiat currency pair in the market with a share of 67.2%.
CryptoCompare clarifies that investors still preferred the security of stablecoins after the downward trend in price action, while spot trading btc in USDC also grew by 41.8% to 306,000 BTC. Bitcoin trading in US dollars rose by 0.37%, and in Japanese yen (JPY) – by 17.8%.
Notably, USDC regained its position in the second-largest stablecoin market last month after TrueUSD trading volume fell 67.2%.
The CryptoCompare report also details that derivatives trading volumes in June fell 7.01% to $2.75 trillion, while total spot volumes fell 27.5% to $1.41 trillion. This means that the derivatives market currently accounts for 66.1% of the total cryptocurrency volume, up from 60.3% last month.
Binance has maintained its position as the largest high-level cryptocurrency exchange in terms of trading volume, with a trading volume of $398 billion last month. Binance was followed by FTX with a trading volume of $71.6 billion and Coinbase with a trading volume of $59.1 billion. Binance lost 24.2% of its volume last month, while FTX lost 19.9% and Coinbase lost 25.8%.
Among the top 15 exchanges by volume, these three account for about 66.1% of the total, up from 67.1% in May.
In terms of institutional trading volume on the CME, 253,759 BTC futures contracts were traded last month, up 1.24% from May. According to the report, this was the largest number of Bitcoin futures contracts traded on the CME since February 2021.
Meanwhile, 177,117 ETH futures contracts were traded, up 30.1% from May. This is the largest number of such contracts sold since their launch on the CME.
Author: Anton Zaitsev, Analyst at Freedman Club Crypto News
#Nervous #crypto #investors #move #BTC #USDT