(MENAFN- Finery Markets) Finery Markets’ research team presents an institutional trading analysis for Q1 of the crypto Over-the-Counter market.
Key Findings:
80% YoY growth in total spot crypto transaction volume
Estimations for daily OTC trading volumes*: January - $1.77 billion. February - $1.85 billion. March - $1.98 billion.
Crypto-to-crypto transactions surged by 99.8% YoY. Stablecoin trades - +133% surge YoY.
In Q1 2024, the crypto market hit record levels, spurred by the introduction of BTC ETFs, leading to double-digit institutional demand for quality crypto liquidity. ETFs, acting as bridges between digital assets and traditional finance, provide a familiar entry point for TradFi investors exploring cryptocurrencies. The growing adoption of altcoins suggests a broader acceptance of digital assets in institutional market operations.
In the past months, the cryptocurrency market exhibited a progressive increase in trading volume each month. In January, the trading volume increased by 26% YoY. This growth rate rose to 32% YoY in February and further accelerated to 42% YoY in March. The data encompasses both buy and sell transactions.
BTC solidified its dominance by becoming the eighth most valuable asset globally by market cap.
However, as adoption increases, institutions are beginning to intertwine in their daily operation a broader range of digital assets.
Tron’s network native token TRX led the growth in institutional altcoin trading with a 253% YoY increase in total trade volume, followed by DOGE at 94% YoY, and LTC at 73% YoY. In contrast, Ripple’s XRP saw a decline of 59% YoY. BNB entered this quarter’s Top-5.
Furthermore, the volume of crypto-to-crypto transactions surged by 99.8% YoY in the same quarter, highlighting a significant increase in activity within the digital asset markets. Similarly, stablecoin trades also saw a 133% YoY surge.
The research team sampled 1 million trades executed in Q1, representing a diverse range of clients, including payment services, brokers, OTC desks, and market makers.
MENAFN09052024007535016299ID1108194492
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.