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2020 Cryptocurrency Spot Trading Annual Report

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2020 Cryptocurrency Spot Trading Annual Report 2020 Cryptocurrency Spot Trading Annual Report Jan 2021 TokenInsight Research [email protected] TokenInsight.com [email protected] Find, Create, and Spread Value in Blockchain. RESEARCH Industry Voice The crypto contract market The exchanges-provided service is soaring in 2020, while should be high-quality, fast, and the contract provides an comprehensive, but the pursuit of indispensable hedging asset differentiation is going tools and liquidity for the astray. The "compliant" market is entire market. As the very restricted in terms of current trading volume of cryptocurrency listing and trading the cryptocurrency methods. The compliance and derivatives market has just legitimacy of the exchanges will begun, there is still a lot of be very important in the future. room for development in the trading volume and trading categories of the Haipo Yang entire derivatives industry. I believe that there will be Founder a 10 times breakthrough in the future. The next opportunity for the blockchain lies on its deep integration Yi He with the traditional industry, just like Co-founder & CMO the early Internet do. Everything can be work together with blockchain, and the points recorded in traditional A lot of money fow in Internet companies can be converted from traditional into points supported by blockchain technology to protect the interests of institutions, increased users and form a new spot and the funds contained in derivatives trading market. Because the industry. At present, of the integration with mainstream there are many market business, the conceptual boundary of makers doing hedging cryptos is broken. on different platforms, and it is hard for the Henry Wu plunge caused by the VP liquidity crisis on March 12 to reoccur. Although there is full of Thor Chan uncertainties in 2020, eventually, it’s still ran a bull CEO market under the bitcoin’s ‘halving’ law. 2021 will be a year which traditional capital and institutions continuously The regulatory trending joining the market, and Bitcoin is clear. There will will be more widely recognized be more mergers and then. acquisitions in Omar Chen 2022. Derivatives will surpass the spot, and the CEO ecosystems will become more plentiful. Spot, leverage, contracts, The competition of professional options, structured product capabilities and risk control fnancial products, fxed capabilities will occur within income products, rating exchanges. We can predict that the agencies, etc., will services of high-quality platforms become more attractive. will be improved in 2021, either in terms of contracts or spots. George Cao Alicia Founder Senior Partner tokeninsight.com RESEARCH Overview Through “edit”> "paste and match style" or use the shortcut key Compared“Shift+Option+Command+V" with 2019, the cryptocurrency market to paste. has made great improvement in 2020. On the one hand, cryptocurrency investment products represented by Bitcoin have been further① Throughrecognized “edit”> by investors "paste including and match those style" who came or use from the traditional shortcut key markets. Taking“Shift+Option+Command+V" the spot market as an example, to the paste. spot trading volume of cryptocurrency increased by more than 50% to $21 trillion, while the total market value once exceeded $1 trillion in 2020, surpassing some countries’ total stock market value Through “edit”> "paste and match style" or use the shortcut key like Singapore,② Australia, and New Zealand. The huge returns brought by cryptocurrency“Shift+Option+Command+V" products have attracted a large tonumber paste. of institutions from traditional markets to enter the crypto market, and they have begun to include cryptocurrency as part of their③ portfolio.Through “edit”> "paste and match style" or use the shortcut key On the other“Shift+Option+Command+V" hand, various countries have begun to topaste. implement relevant regulations on cryptocurrency. With the issuance of operating licenses related to cryptocurrency, the cryptocurrency market has begun to move out of the gray zone. Although the introduction of supervision may have some impact on the market in the short term, the role of supervision in protecting investors and promoting orderly market compliance will bring more positive effects, such as further development and improvement of the cryptocurrency market in the future. Undoubtedly, DeFi and derivatives are the rising stars in the cryptocurrency market in 2020. After the outbreak of DeFi in the third quarter, the volume of some decentralized exchanges (DEX) has been compared favorably with centralized exchanges. DeFi’s market share in spot has expanded from less than 0.01% to 1 % in just one year, and it is still in rapid expansion. We look forward to DeFi bringing more surprises to investors in 2021. The derivatives market has even surpassed the spot market in some indicators. In 2020H2, the futures market has a higher trading volume than the spot market. Meanwhile, in the top exchanges such as Binance, Huobi, OKEx, etc., spot trading volume is no longer dominant. In 2020, there was a certain decline in the scale of exchanges-based token trading volume. However, from the changes in the price and trading volume of the exchanges- based token, it can be found that the price is closely related to the market position of the exchanges. The exchanges-based token’s price of large exchanges have all achieved an increase to some extent, while for smaller exchanges, even in the bull market started from 2020Q4, the price of the platform currency still rose weakly, and even dropped compared with the beginning of the year. We expect that the trading volume of spot and derivatives will have substantial growth in the future. The performance of Ethereum and Bitcoin in 2021 is also very optimistic, besides, due to the increase in trading volume, the revenue of trading platforms will inevitably increase, which will eventually be refected in the price of the exchanges- based token, so we are also optimistic about its performance in 2021. 2021 will be a year for the development of projects with more users and applications. Institutions cannot drive the bull market forever, and the real bull market must rely on projects, retail investors, and spots, while derivatives will increase bull’s impact by leveraging. For more informations about the spot market in 2020, Please Enjoy the Report. Wayne, TokenInsight COO [email protected] 2021.01.20 tokeninsight.com 3 RESEARCH Content Executive Summary 5 Industry Update 6 Industry Landscape 7 Trading 8 Market Volume Dynamics Trading Volume Dynamics on CEX Trading Conclusion Exchanges Token Dynamics 18 Volume and Price Exchanges Token Analysis Users and Popularity 20 User Source Analysis Community and Search Interest Keywords Searching Analysis Regulation Dynamics 24 tokeninsight.com 4 RESEARCH In 2020, the spot trading volume of cryptocurrency exceeded $ 21 trillion US dollars, an increase of $21 53% compared with 2019. In Q4, due to the Executive infuence of the skyrocketing Bitcoin price, spot transaction continued to increase, the spot Summary trading volume and Bitcoin price illustrates a Trillion strong positive correlation (0.78). Affected by the market crash 95% Weak March on March 12, March is the month with the highest spot DeFi began to rise in late The dominance of trading volume in 2020, June 2020. Trading the Bitcoin trading Highest which is $2,489B. volume of decentralized market has exchanges in 20H2 weakened in accounted for 95% of 2020. The annual the whole year. The spot bitcoin trading Binance ranked frst in spot annual trading volume of volume accounted trading volume with $1 some decentralized for 44% of the total trillion annually, and exchanges has been market spot, and the trading volume gap with compare favorably with only 31% in Q3. the second and third highest some high-ranking Top exchanges in 2020 is centralized exchanges. particularly widening. 1.71X Strict The whole-market spot In 2020, governments have paid $250B trading volume in 2020 is more attention on cryptocurrency 1.71 times that of market regulation. The compliance of In 2020, the overall spot trading derivatives, but the trading the cryptocurrency exchanges is volume of exchanges-based token volume of derivatives in the valued by government agencies such is about $250B, accounting for top3 exchanges far exceeds as the SEC. Hence, centralized 1.19% of the total spot trading that of spot trading. exchanges are paying more attention volume. to compliance. Almost all users searching for mainstream exchanges, except those searching for ‘BitMax’, will fnd the keyword ‘Binance’. Some hot search words on exchanges also reveals the exchanges's possible customer acquisition direction. Taking large-scale exchanges as examples, Keywords Binance’s hot searched words include places such as ‘Argentina’ and ‘the United States’, while Huobi includes ‘Turkish’ and ‘Italian’ and OKEx has a large number of ‘Korean’ included in searches. tokeninsight.com 5 RESEARCH INDUSTRY ① OKEx COO Andy Cheung resigned from OKEx and founded the blockchain consulting company BitWork. UPDATE ② Binance launches C2C trading function. ③ Loopring launched decentralized exchanges based on Ethereum ZK Rollup technology. ④ More information leaked in Mt.Gox liquidation: Bitcoin and BCH will be returned to debtors, while BSV and other cryptos will be sold. ⑤ Bitfnex launched Fulgur Alpha, a $280 millionQ1 cryptocurrency hedge fund. ① Binance announced the acquisition of CoinMarketCap for $400 million. ② Following BitMEX, Deribit stopped providing services to Japanese users. ③ Bitfnex applied for a subpoena to the U.S. court, seeking to recover the $850 million in customer funds that had been seized. ④ Huobi Global announced that the HT destruction cycle will remain "monthly". ⑤ Angelina Kwan, former COO of BitMEX, joined Deribit's investor board. ⑥ bitFlyer reported a net loss of $7 million in Q22019. ① KuCoin was hacked, and the private key of the hot wallet was leaked, resulting in the theft of $281m. The stolen funds were frozen by multiple platforms and $140 million was recovered. ② ZB experienced data anomalies in mid-September and was down for 48 hours.
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