Nervous Crypto Investors Jump From BTC to USDT in June, Says Latest Exchange Report
Cryptocurrency investors have been moving away from Bitcoin ($BTC) and into leading stablecoin USDT as cryptocurrency prices plunge, according to data from CryptoCompare’s latest Exchange Review.
The report details that Bitcoin and Ethereum ($ETH) closed the month of June at $19,908 and $1,070 after falling 37.4% and 44.9% respectively, recording their largest monthly drop since February 2014 for BTC and March 2018 for ETH.
These drops have seen Bitcoin spot trading into stablecoin rise last month as “investors remained cautious amid fear of a liquidity crisis in striking crypto lending companies.” Per the report, BTC trading into USDT rose 24.3% last month to 6.67 million BTC, allowing it to remain the dominant stablecoin and fiat currency pair in the market, with a 67.2% market share.
CryptoCompare details that investors continued to prefer the safety of stablecoins following the downtrend trend in price action, with BTC spot trading into USDC rising 41.8% to 306,000 BTC as well. Bitcoin trading into USD rose 0.37%, while into the Japanese Yen (JPY) it rose 17.8%.
Notably, last month USDC regained its position as the second-largest stablecoin market after TrueUSD saw a 67.2% fall in trading volume.
CryptoCompare’s report also details that derivatives trading volumes decreased by 7.01% in June to $2.75 trillion, while total spot volumes decreased by 27.5% to $1.41 trillion, meaning that the derivatives market now represents 66.1% of the total crypto volume, up from 60.3% in May.
Binance maintained its position as the largest Top-Tier cryptocurrency exchange by volume, trading $398 billion last month. Binance was followed by FTX, which traded $71.6 billion, and Coinbase, which traded $59.1 billion. Binance lost 24.2% of its volume last month, while FTX lost 19.9% and Coinbase 25.8%.
Among the largest 15 Top-Tier exchanges by volume, these three represented around 66.1% of total volume, down from 67.1% in May.
As for institutional trading volume on CME, 253,759 BTC futures contracts were traded last month, up 1.24% since May. Per the report, this was the highest number of Bitcoin futures contracts traded on CME since February 2021.
Meanwhile, 177,117 ETH futures contracts were traded, up 30.1% since May. This is the highest number of these contracts traded ever since they were launched on the CME.
Featured image via Unsplash
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