The decrease in BTC’s price during the month of September corresponds to a slide in OKEx’s trading volume. Spot volume decreased by 15% when compared to the previous month. Additionally, futures volume was down 27% from August. However, the USDT-margined swap market saw large increases following the listings of various decentralized finance tokens — which resulted in a 3% increase in the total swap volume.
Overall, bid/ask spreads displayed slightly higher levels (in terms of mean and variance), due to the extreme volatility at the beginning of September. Execution speed, on the other hand, improved.
In this month’s summary of the monthly OKEx Market Microstructure Report, OKEx Insights will take a look at trading volumes and trends across the spot, futures and swap markets on OKEx throughout September 2020.
DeFi trading volume increased significantly in September
In September, the spot market accounted for 480 pairs — 51 more than in August. The total spot trading volume ended at $45 billion, which is a decrease of 15% from August. In particular, BTC spot trading volume slid 19% and its average daily volume fell to $432 million.
September’s average ask spread was slightly higher than August’s average. For example, the ask spread when trading $100,000 worth of BTC at the spot price was recorded at 0.0254%, compared to August’s 0.0216%. This was largely due to the huge volatility on Sept. 3, when Bitcoin price plummeted 10.73%.
TRON ( TRX) and Polkadot ( DOT) replaced Litecoin ( LTC) and Chainlink ( LINK) on the list of the month’s top altcoins. TRX jumped to third place in spot volume following its efforts in the decentralized finance market and the launch of several yield-farming projects.
Additionally, OKB is in high demand, thanks to new OKEx Jumpstart projects and the rollout of a user-friendly yield-mining page, Earn.
The “Major 6” and top altcoins of the month by spot trading volume were:
By the end of September, OKEx had added a total of 50 DeFi tokens to the decentralized finance section of the website.
Interest in decentralized finance exploded in September, which was also reflected in the trading volume of DeFi tokens on OKEx. While the overall spot market volume was down, the DeFi spot volume rose 9% in September. Its share of the total spot trading market rose from 19% to 25%.
OKEx went live at the end of September with a total of eight coin-margined swaps and 27 USDT-margined swaps for DeFi tokens. These listings also led to a significant increase in volume, as swap trading volume for DeFi tokens doubled in September. Its share of the overall swap trading volume increased from 7% in August to 13%.
The complete dataset for OKEx’s DeFi Market Microstructure Report for September can be downloaded here.
Visit https://www.okex.com/ for the full report.
Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.
Not an OKEx trader? Sign up, start trading and earn 10USDT reward today!
was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
