exchange review may 2020 - cryptocompare.com€¦ · 6 may 2020 exchange review the 10th of may saw...
TRANSCRIPT
0
May 2020 Exchange Review
EXCHANGE REVIEW
May 2020
1
May 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 at [email protected].
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
May 2020 Exchange Review
Contents
About 1
Key Highlights 3
Exchange Benchmark Analysis 5
Macro Analysis and Market Segmentation 7
Derivatives 11
Options 13
CME Institutional Volume 14
3
May 2020 Exchange Review
Key Highlights
Crypto Derivatives Volumes Hit an All-time High in May
Derivatives volumes across all platforms soared in May. Volumes for all crypto
derivatives increased 32% in May to an all-time high - totalling $602 bn.
What’s more, crypto derivatives are gaining market share. Total spot volumes increased
only 5% to $1.27 tn in May, which meant that derivatives represented 32% of the
market, compared with 27% in April.
Institutional Options Volumes Hit Record Levels
May saw volumes on regulated platform CME soar, recovering substantially from a lull
in April.
Options are one area seeing particularly impressive growth. CME total options volumes
reached an all-time monthly high of 5986 contracts traded in May. This figure
represents 16 times that of April’s volumes. CME futures volumes have also recovered
since April, increasing 36% (number of contracts) to reach 166,000 in May.
More broadly, May saw volumes for CME Bitcoin derivatives soar 59% to hit $7.2 bn, a
monthly increase greater than any other derivatives exchange (both regulated and non-
regulated).
Deribit Sees Record Options Volumes
Derivatives exchange Deribit has seen another daily record, trading $196 mn in options
on the 10th of May, the highest ever seen on the platform.
In May Deribit’s monthly options volume also reached another all-time high, trading
$3.06bn (up 109%) to double the volume seen in April ($1.47bn).
10th of May sees Huge Spot Volumes
The 10th of May saw another surge in trading volume totalling $64.7bn. While
significant, this does not match the volume spikes seen on the 30th April ($66.2bn) and
the record volumes seen on the 13th of March ($75.9bn). The majority of this figure is
represented by Lower Tier exchanges ($49.88bn) while Top Tier exchanges traded
$14.86bn.
4
May 2020 Exchange Review
May Exchange News
COMPANY STORY DATE
Bitstamp Bitstamp Becomes First Cryptocurrency Exchange to
Integrate with Signature Bank’s Digital Payments Platform,
Signet
May 7
Binance Binance Launches Binance Leveraged Tokens (BLVT) May 12
Bitfinex Bitfinex Launches Institutional Grade Custody Service in
Collaboration With Koine
May 13
Deribit Deribit Integrates With Clearloop to Offer an Instant and
Frictionless Off-Exchange Settlement
May 14
FTX Bitcoin Hashrate Futures Go Live May 15
FTX FTX's U.S. Platform Goes Live May 22
Bitstamp Introducing GBP Trading With Zero Fees for First Three
Months!
May 27
Coinbase Coinbase to acquire leading institutional crypto brokerage
Tagomi
May 27
Coinbase Coinbase launches staking rewards for customers in the UK,
France, Spain and The Netherlands
May 28
Gemini Gemini Integrates With Samsung Blockchain Wallet May 28
5
May 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 May, Top Tier volumes increased 12.6% to $275bn, while Lower Tier volumes only
increased 0.2% to $858bn.
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
Mo
nth
ly V
olu
me (
Billio
ns
USD
)
Historical Monthly Top Tier vs Lower Tier Volume
Lower Tier Top Tier
0.2%12.6%
% Change April/May
6
May 2020 Exchange Review
The 10th of May saw another surge in trading volume totalling $64.7bn. While significant, this
does not match the volume spikes seen on the 30th April ($66.2bn) and the record volumes seen
on the 13th of March ($75.9bn). The majority of this figure is represented by Lower Tier exchanges
($49.88bn) while Top Tier exchanges traded $14.86bn.
Categorising exchanges by tier level based on our rigorous Exchange Benchmark methodology
helps us capture a more representative picture of where the market has moved. As seen, Top Tier
exchanges saw a similar spike in volume on the 10th of May.
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
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
$21.6bn
13th March
$18bn
30th April
0
5000
10000
15000
20000
25000
0
5
10
15
20
25
30
Jan-20 Feb-20 Mar-20 Apr-20 May-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
10th May
$64.7bn
10 May
7
May 2020 Exchange Review
Macro Analysis and Market Segmentation
Exchanges that charge traditional taker fees represented 77% of total exchange volume in
May, while those that implement Trans-Fee Mining (TFM) represented less than 23%. Last
month, fee charging exchanges represented 78% of total spot volume.
Fee-charging exchanges traded a total of $868bn in May (up 1% since April), while those that
implement TFM models traded $256bn (up 9% since April).
In May, volume from many of the largest Top Tier exchanges increased 26% on average (vs
April).
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
020M
on
thly
Vo
lum
e (
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
Mo
nth
ly V
olu
me (
Billio
ns
USD
)
Historical Monthly Top Tier Exchange Volume
Binance OKEX Coinbase Kraken Bitstamp Bitfinex
8
May 2020 Exchange Review
Binance was the largest Top Tier exchange by volume in May, trading $57.2bn (up 18.2%).
This was followed by OKEx trading $52.1bn (up 25.7%), and Coinbase trading $11.2bn (up
22.4%).
Binance and OKEx remained the top players in terms of volume in May relative to other
Top Tier exchanges.
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
Mar-2020 Apr-2020 May-2020
0
2
4
6
8
10
12
01-Mar-20 15-Mar-20 29-Mar-20 12-Apr-20 26-Apr-20 10-May-20 24-May-20
Daily V
olu
me (
Billio
ns
USD
)
Daily Trading Volume Among Top Tier Exchanges
Binance OKEX Gemini Coinbase Kraken Bitstamp Bitfinex
9
May 2020 Exchange Review
Bitcoin to Fiat Volumes
BTC trading into USDT decreased 7% in May to 14.9mn BTC vs 16.1mn BTC in April. In
contrast, trading into USD and JPY increased to 2.0mn BTC (up 12%) and 1.5mn BTC (up
28%) respectively. The EUR and KRW markets saw increases of 17% and 21% respectively.
Stablecoins USDC and PAX saw a large drop in total volume traded into BTC. BTC/USDC and
BTC/PAX markets traded 0.18mn BTC (down 78%) and 0.03mn BTC (down 97%) respectively in
May.
0
5
10
15
20
25
30
35Sep
-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
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
5
10
15
20
25
USDT USD JPY EUR KRW USDC PLN GBP PAX
Mo
nth
ly V
olu
me (
Millio
ns
BTC
)
Monthly Bitcoin Volume Trading into Fiat or Stablecoin
Mar-2020 Apr-2020 May-2020
10
May 2020 Exchange Review
The BTC/USDT pair still represents the majority of BTC traded into stablecoins at ~98%.
BTC/USDC and BTC/PAX have lost the market share gained in previous months and now
only represent less than 2% combined.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
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
Monthly Bitcoin Volume
Traded into Fiat or Stablecoin
USDT USD JPY EUR KRW USDC PLN GBP
11
May 2020 Exchange Review
Derivatives
Derivatives volume increased 32% in May to an all-time high, totalling $602bn. Meanwhile,
total spot volumes increased 5% to $1.27tn. As a result, derivatives represented 32% of the market
in May (vs 27% in April).
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
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 Nov-2019 Dec-2019 Jan-2020 Feb-2020 Mar-2020 Apr-2020 May-2020
Mo
nth
ly V
olu
me (
Billio
ns
USD
)
Historical Monthly Derivatives Volumes
Huobi FTX OKEx BitMEX Binance Deribit CME
12
May 2020 Exchange Review
All derivatives saw large increases in trading volume in May, with institutional player CME
increasing the most at 59% to $7.2bn.
Huobi was the largest derivatives exchange, and traded $176bn (up 29% since April). OKEx and
Binance followed with $152bn (up 33%) and $139bn (up 58%) respectively.
BitMEX traded $94.8bn in May (up 37%) while Deribit saw an increase of 22% to $13.4bn.
Despite the large increase in volume since the previous month to reach an all-time high, in
May there were no record daily volumes witnessed among the top players.
0
20
40
60
80
100
120
140
160
180
200
Huobi OKEx Binance BitMEX FTX Deribit CME
Mo
nth
ly V
olu
me (
Billio
ns
USD
)Historical Monthly Derivatives Volumes
Mar-2020 Apr-2020 May-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-2
0
06
-Ap
r-2
0
09
-Ap
r-2
0
12
-Ap
r-2
0
15
-Ap
r-2
0
18
-Ap
r-2
0
21
-Ap
r-2
0
24
-Ap
r-2
0
27
-Ap
r-2
0
30
-Ap
r-2
0
03
-May
-20
06
-May
-20
09
-May
-20
12
-May
-20
15
-May
-20
18
-May
-20
21
-May
-20
24
-May
-20
27
-May
-20
30
-May
-20
BTC
Pri
ce (
USD
)
Dai
ly V
olu
me
(Bill
ion
s U
SD)
Daily Derivatives Volume - Last Three Months
Binance Huobi Deribit BitMEX OKEx
FTX CME bitFlyer BTC Price
Total: $53Bn
12 March 2020
$39.1Bn
30 April 2020
29%
33%
58%
37%
34%
22%
59%
Huobi
OKEx
Binance
BitMEX
FTX
Deribit
CME
% Change April/May
13
May 2020 Exchange Review
Options
Derivatives exchange Deribit has seen another daily record, trading $196mn in options on
the 10th of May. In May Deribit’s monthly options volume has also reached another all-time
high, trading $3.06bn (up 109%) to double the volume seen in April ($1.47bn).
$188mn
13th March
$168mn
30th April
$196mn
10th May
0
2000
4000
6000
8000
10000
12000
0
50
100
150
200
250
Jan-20 Feb-20 Mar-20 Apr-20 May-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
Au
g-2
01
9
Sep
-20
19
Oct
-20
19
No
v-2
01
9
Dec
-20
19
Jan
-20
20
Feb
-20
20
Mar
-20
20
Ap
r-2
02
0
May
-20
20
Mo
nth
ly V
olu
me
(Bill
ion
s U
SD)
Monthly Options Volumes
14
May 2020 Exchange Review
CME Institutional Volume
CME futures volumes have recovered since April, increasing 36% (number of contracts) to
reach 166,000 in May. Meanwhile, CME total options volumes reached an all-time monthly
high of 5986 contracts traded (16 times April’s volumes).
May also represented an all-time high in daily options volume, with CME trading 1418 Bitcoin
options contracts on the 28th of May.
0
2000
4000
6000
8000
10000
12000
14000
0
200
400
600
800
1000
1200
1400
1600
1800
Mar-20 Apr-20 May-20
BTC
Pri
ce (
USD
)
Daily V
olu
me (
Millio
ns
USD
)
Historical CME Futures Volume
CME BTC Price
1418 contracts
28 May 2020
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
Bit
coin
Daily O
pti
on
s C
on
tract
s Tra
ded
CME Options Contract Volume
15
May 2020 Exchange Review
In terms of total trading volume in May, CME’s volumes have increased 59% to reach
$7.2bn. This is a greater increase than any other derivatives exchange in May.
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
Mo
nth
ly T
rad
ing
Vo
lum
e (
Billio
ns
USD
)
Monthly CME Volume
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Mar-2020 Apr-2020 May-2020
CM
E F
utu
res
Co
ntr
act
Tra
din
g
Vo
lum
es
(# c
on
tract
s)
CME Futures Contract Volumes
0
1000
2000
3000
4000
5000
6000
7000
Mar-2020 Apr-2020 May-2020
CM
E O
pti
on
s C
on
tract
Tra
din
g
Vo
lum
es
(# c
on
tract
s)
CME Options Contract Volumes