CRYPTO MOVERS AND PRICES
CRYPTO STORY OF THE DAY
Since The Sector's Last Major Rally In June, A Slew Of New Crypto-Settled Futures Products Have Come To Market - Last Week's Activity Demonstrated That Vertical's Increased Level Of Fragmentation
CryptoTakeaway: In mid-2019 BitMEX was all-but unchallenged in crypto-settled derivatives. The platform still holds an unmatched record volume session from June 26 that saw their products post activity of over USD 16B equivalent.
Since then a slew of spot exchanges have launched competing platforms that mirror (at times seemingly copying) the highly-leveraged perpetual swaps developed by BitMEX (Binance, Bitfinex etc...).
Several of the players that have launched platforms in the last 9-months have seen market-share growth accelerate since BitMEX's record volume days.
According to skew.com, Binance, Huobi and bitFlyer all saw their daily volumes top USD 2B equivalent last week while BitMEX, still the leader, saw just over USD 4B equivalent in trading at last week's peak. With spot volumes about 1/3 of what they were at their highs in June, all crypto-settled derivatives seem to have seen relative growth in their share of crypto-trading liquidity. BitMEX, however, saw market-share fall from at least 80% in June to closer to 40-50% last week.