Bybit, octopus and bitget with growing trading volume (nansen)
Bybit, octopus and bitget with growing trading volume (nansen)
One of the most catastrophic events in the crypto world last year-the fall of FTX-had a negative impact on the entire industry. This undermined the confidence in centralized stock exchanges and prompted numerous investors to withdraw from them and to go to self -contempt or to sell their stocks.
The collapse also prompted some platforms to take additional measures and to strengthen their commitment in the security area. According to the Blockchain analysis company Nansen, exchanges such as Bybit, Kraken and Bitget have overcome the FTX shock and increased their trading volume in the first half of 2023.
The winners of the FTX core melting
An incoming Nansen analysis estimated that the FTX crash changed the CEX landscape in November 2022, with many stock exchanges towards the end of 2022 and early 2023.
Some of the biggest losers seem to be Bitfinex, Kucoin, Gate.io and Okx. The average monthly spot trade volume of Bitfinex was over $ 12 billion six months before the outbreak, compared to $ 5 billion a year later. On the other hand, octopus increased its spot trade volume by about 14 %, while bybit recorded an increase of 7 %. "Most stock exchanges suffered a decline in their spot trade volume, with remarkable exceptions to Bybit and octopuses, which it was possible to increase their volume," the report. Although rumors were initially circulating that Binance was involved in the FTX Implosion, the world's largest cryptocurrency platform remained relatively unimpressed. Its average monthly spot trade volume changed from almost $ 445 billion to $ 444 billion. The derivative trade volume in this sector has decreased easily, with a significant increase in November (at the time of collapse).
The only winner seems to be bitget here, whose average figures in this area were $ 194 billion six months before the catastrophe, compared to $ 204 billion afterwards. Bitfinex and Kucoin were again on the losing side and recorded a minus of 40 % or 41 %. The downfall of FTX triggered shock waves in the entire crypto industry, but prompted some exchanges to advance their investor protection programs. Binance increases its secure asset fund for user (safu) to 1 billion US dollar and claims that the assets are only in the case of one adverse event. Bitget has increased its protection fund from $ 200 million to $ 300 million. Coinbase, Huobi and OKX took similar measures, among other things. Several marketplaces have also published reserve proceedings to show that they have sufficient means to secure customer deposits, including Binance. crypto.com octopus, bybit and okx . According to Nansen, such steps are of crucial importance and should "become the minimum standard in the stock exchange industry". . CEX-Spot trade volume, nansen
update security guidelines