Spot trading volume declined across the top 10 centralised and decentralised exchanges from $6.08 trillion to $3.79 trillion for Q1, CY 2022 when compared to Q4 of CY 2021, as per a CoinGecko report. The report stated that trading volume of exchanges peaked in November, CY 2021, which then started to decline for the next couple of months before having a rebound in March, CY 2022.
Data from the report showed that the trading ratio between decentralised exchanges (DEX) and centralised exchanges (CEX) slightly increased from 11.8% in December, CY21, to 12.8% at the end of March, CY22. The February of CY22 recorded a trading volume of $1.1 trillion which was lower than any other month in CY21.
Cryptocurrency exchange Binance's market share rebounded slightly to 46.5% in Q1, CY22. Another cryptocurrency exchange Huobi's market share decreased by nearly 40% since the end of Q4, CY21, ending the quarter with a 4.3% share by volume among the top 10 CEXs.
Edible oil prices could fall by up to 15% in June, says Adani Wilmar CEO
Assam: Police launch probe after porn clip airs during Union minister Rameswar Teli's Tinsukia event
OnePlus 10R – The Perfect Gaming Companion
Gold prices hit 2-1/2-month low, may trade at Rs 49200-51600 this week; investors must wait for long positions
Top 10 DEXs recorded a spot trading volume of $472.8 billion for Q1 of CY22. While DEXs started the quarter with a trading volume of $190 billion before plummeting, it ended at $144 billion. Uniswap kept its position as the top DEX with a 54% market share by the end of Q1, CY22. The next three largest DEXs, Pancakeswap, Sushiswap, and Trader Joe, saw a significant decline in their market shares.
Insights from the report stated that trading volume for Bitcoin perpetuals across the top 10 derivatives exchanges decreased by $200 billion for Q1 of CY22. Their trading volumes remained stagnant at $1.2 trillion for Q1, CY22, in line with the volumes in Q4, CY21. Since the start of Q4 of CY21, derivatives platform OKX secured an additional market share of 4.92% in Q1 of CY22. Furthermore, Binance's market share has declined by 7% since December of CY21.
Open Interest (OI), which refers to the total number of outstanding derivative contracts, recorded a total of $1.07 trillion across the top 10 derivatives exchanges for Q1 of CY22. The top four cryptocurrency exchanges dominated roughly 75% of OI throughout the quarter. While Binance retained the largest open interest share of 32.4% among the exchanges, blockchain platform Gate.io occupied 15% of bitcoin perpetuals open interest.
While Bitcoin's market share price fell from $42,000 to $35,000 in late January, it went above $40,000 in early February. Two weeks later, it again fell below $40,000 going as low as $35,000. The negative funding rates ranged around 0.02% for the quarter of CY22.
The total assets under management (AUM) of the Grayscale Bitcoin Trust (GBTC) remained around $30 billion throughout the quarter and dipped as low as $22 billion for Q1, CY22. The Bitcoin Strategy ETF (BITO) experienced a mild market growth of 12% which didn't fall below $0.9 billion. "GBTC was plagued by a constant deviation from its NAV and traded at a deep discount that was >20% throughout the entire quarter, reaching as high as 30% at one point. BITO on the other hand maintained close to its NAV and never deviated more than 0.33% – a far cry from GBTC's case," the report added.
(With insights from the CoinGecko Report, 2022)