HomeCryptoCryptoCompare: The July report on exchanges

CryptoCompare: The July report on exchanges

CryptoCompare produces a monthly report that targets the performance of cryptocurrency exchanges. The report analyses trading volumes, fees, trading pair performance and makes a distinction between traditional exchanges and DEXs.

The company, founded in 2014, has drawn up a ranking of the best exchanges based on multiple parameters. The best are awarded the AA rating, followed by A, B, C, D, E, F. To date, the best is Coinbase with 60.30 points followed by Poloniex and Bitstamp which complete the podium.

cryptocompare july report

CryptoCompare: the report of July

Here is a list of the main points evaluated by CryptoCompare.

  • Exchange Benchmarking Analysis – AA rated exchanges were 29% larger in volume than in June, totalling $31 billion (5% of total volume in July). A and B rated exchanges handled 19% ($119 billion) and 8% ($47 billion) of the month’s total volume, respectively. Exchanges with a lower rating are predominant, those with a D-E rating represent 64% of the volumes (316 billion). An interesting figure sees AA-B exchanges registering an increase of 4.4% compared to June.

cryptocompare july report

  • Trade Data Analysis – Low-rated exchanges such as LBank, Coinsbit and CoinBene recorded the highest average values for each individual trade. 3.7, 1.6 and 1.1 BTC respectively. LBank (D) has an average trade size in the BTC/USDT pair 15 times larger than the BTC/USD one on Coinbase (AA). LBank handles 25,000 trades a day against the over 100,000 trades on Coinbase, still with the BTC/USDT and BTC/USD pairs respectively.
  • Type of Fee – Taker fee exchanges handle 75% of July’s total volumes, totalling $445 billion (+0.4% compared to June).
  • Derivatives Trading (institutional products) – Bitcoin derivatives are mainly managed by CME, whose volumes were up 4.23% compared to June for a total of $8.2 billion. This was followed by Grayscale (GBTC) which recorded an increase of 6.02% compared to June for a total of 1.98 billion.
  • Decentralised exchanges – IDEX was the largest exchange in terms of volume, totalling $44.6 million (-17% from June). This was followed by Switcheo and BitSquare with 16.5 million (-43%) and 16.4 million (-35%). DEXs still represents a small fraction of the volumes traded (0.01%) for a total of 86.9 million in July.
  • Derivatives Trading (BitMEX and BitFlyer) – BitMEX futures recorded volumes of 68 billion (+5.51%) compared to 31 billion (-6.92%) for bitFlyer.
  • Top Crypto to Crypto Exchange – LBank was the best crypto to crypto exchange in July totalling volumes of 45 billion (+42%) followed by OKEx and CoinBene with 43.9 billion (+30%) and 39.3 billion (+3.29%) respectively.
  • Fiat – Trading volumes that only offer crypto/crypto pairs represent 84% of the total in July (497 billion). Platforms that also offer fiat/crypto trades managed only 16% of the total (93 billion), these values are very similar to those recorded in May and June.

cryptocompare july report

  • Bitcoin to Fiat – In July, 48% of the volumes in fiat were with the US dollar. BTC to USD trades grew from 2.04 million BTC] in July to the current 2.11 million (+4%). Followed by the Japanese Yen (1.37 million BTC, +25%). Only 442,000 BTC were moved in Euro (+1.78% compared to June).

cryptocompare july report