Exchange Review - April 2022

Report Summary

The cryptocurrency markets declined in April as Bitcoin and Ethereum closed the month at $37,650 and $2,727 (down 17.3% and 16.9% since March, respectively). Spot volumes on centralised exchanges increased 6.89% to $1.73tn, with a daily maximum of $80.3bntraded on April 1. Meanwhile, derivatives volumes fell 9.07% to $3.08tn, attaining a market share of 64.0%.

April Highlights

  • Binance retained its position as the largest exchange by volume trading $465bn, a 5.10% decrease from March.
  • BTC spot trading into USD decreased by 25.5% to 707k in April, the lowest recorded figure for the fiat currency since August 2019. USDT remained the stablecoin with the largest BTC volume in April, with 3.18m BTC traded (down 1.37%).
  • Japanese Yen (JPY) and Euro (EUR) BTC volumes also declined in April, trading 179k BTC (-19.7%) and 151k BTC (-23.3%). The fall in BTC spot volume traded into fiat currencies could be explained by the surge in popularity of stablecoins as traders and investors look to take advantage of attractive yield earning opportunities.
  • CME’s monthly futures volumes across BTC and ETH contracts totalled $43.9bn in April, a 14.7% increase from the month prior. This rise suggests increased activity in speculation among investors and traders during the month.
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