Data from CCData shows that the 5% market depth for ETH pairs on American centralized exchanges has dipped to $14 million. Offshore, the situation is nearly the same, with liquidity down 19% to about $10 million.
CCData's report on Thursday revealed that Binance's market share for spot and derivatives trading volumes declined in the last month of Q3, dropping to lows not seen since 2020.
Crypto exchange giant Binance's lead over rivals melted to its narrowest in four years as rivals grabbed market share, CCData said in a Thursday report.
The market share of the world's biggest crypto exchange shrunk to 36.6% last month, down from 42.7% at the start of the year, according to researcher CCData.
“These medium-term correlations with risk-on assets may reflect current investor sentiment toward cryptocurrencies,” Jacob Joseph, senior research analyst at CCData, told DL News.
Trading activity at Japanese digital-asset exchanges has begun to recover this year, helped by a rally in Bitcoin and other tokens. Average monthly volumes are nearing $10 billion at centralized Japanese exchanges, up from $6.2 billion in 2023, according to figures from CCData through August this year.
CCData estimates stablecoins will lose approximately $625 million in interest income for each 50-basis point cut. Further cuts in 2024 could reduce annual revenue by as much as $1.5 billion.
The negative price action throughout the month resulted in cascading liquidations, with the aggregate open interest on derivatives exchanges falling by 15.7% to $45.8 billion in August,” CCData commented in its newest report.
Data tracked by London-based CCData show the buy-sell ratio, which compares the volume of buy-to-sell orders on Kraken and Coinbase, has averaged 250% and 123%, respectively, this month. A ratio above 100% indicates more buys than sells, suggesting net bullish pressure.
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