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Grayscale Bitcoin Trust Surges, CME Futures Drop and Tether Domination Continues: CryptoCompare Report

July 30, 2019

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CryptoCompare just published its June 2019 Exchange Review, finding Grayscale’s Bitcoin trust soaring and crypto-to-crypto trades being dominated by less trustworthy exchanges.

Key Highlights

Only two of the top 10 crypto-to-crypto exchanges by volume are ‘trusted’ (graded AA-B according to the CryptoCompare Exchange Benchmark)

Binance tops the crypto-to-crypto rankings, with a total volume of $42.1 billion in June (up 12.7% since May). Binance was followed by ZB and CoinBene at $39.3 billion (up 8.4%) and $38 billion (up 3.9%) respectively.

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In contrast, 8 out of 10 fiat-to-crypto exchanges are ‘trusted’Bithumb was the top fiat-to-crypto exchange with a total volume in June of $13.9 billion, despite experiencing a 37% drop since May. Bithumb was followed by Coinbase and P2PB2B at $12.7 billion (up 17.4%) and $11.9 billion (down 22.9%) respectively.

Grayscale Bitcoin Investment Trust (GBTC) saw impressive growthTotal trading volumes for the GBTC continued to increase with $1.87 billion traded in June (up 48.1% since May).

CME Futures saw drop after record MayRegulated Bitcoin derivatives volumes are still dominated by CME, despite a 30% decrease from $11.3 billion in May to $7.9 billion USD in June.

Tether (USDT) still dominates stablecoin volumesIn June, BTC trading into USDT represented 69.4% of total volume (traded into fiat or stablecoin) vs 76.2% in May. Total volumes were down 34.8% at 7.8 million BTC in June but USDT remains the most popular stablecoin for Bitcoin trading – followed by PAX, USDC and TUSD. USDT represents 97.1% of total BTC trading across these four leading stablecoins.

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IDEX leads the decentralized exchange (DEX) marketIDEX was the largest DEX in June, trading a total of $53.9 million (up 33%), followed by Switcheo and BitSquare at $29.3 million (up 62%) and $25.4 million USD (up 249%) respectively. DEXs represent only a small fraction of global spot exchange volume (0.02%) and traded a monthly total of $126 million in June.

The full June Exchange Review Report can be found here.

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