Coin Metrics: activity on crypto exchanges has shifted from C | Best Crypto Traders Official
Coin Metrics: activity on crypto exchanges has shifted from China to the US
The ban on mining and the blocking of crypto-platform operations by banks in China led to a reduction in the share of local bitcoin exchanges in favor of US-based competitors. Analysts at Coin Metrics came to these conclusions.
Huobi, the largest in the region, accounted for 15% of trading volume on the Bitcoin spot market at the beginning of the year. By the end of the year, the figure had halved. The weakening positions allowed FTX to increase its market share from 1% to 10%, Coinbase - from 9% to 14%.
A similar situation has developed in the spot trading of Ethereum. To a lesser extent, this affected the OKX exchange.
The decline in the performance of Chinese exchanges is also confirmed by the analysis of the relative share of BTC and ETH balances on Huobi.
In the context of pairs of digital currencies against fiat, Coin Metrics found a surge of interest from crypto investors from Turkey. Analysts attributed this to a jump in inflation in the country. In December, in annual terms, it reached 36%.
Against the backdrop of the devaluation of the Turkish lira, the volume of trading in crypto assets denominated in it on Binance in 2021 reached $160 billion. Turkish citizens showed the greatest demand for stablecoins BUSD ($7 billion) and USDT ($36 billion).
