{"id":509705,"date":"2022-11-22T14:44:06","date_gmt":"2022-11-22T14:44:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=509705"},"modified":"2022-11-22T14:44:06","modified_gmt":"2022-11-22T14:44:06","slug":"what-exchange-absorbed-ftx-trading-volume-report-answers","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/what-exchange-absorbed-ftx-trading-volume-report-answers\/","title":{"rendered":"What Exchange Absorbed FTX&#8217;s Trading Volume? Report Answers"},"content":{"rendered":"<p><strong><span data-preserver-spaces=\"true\">In the wake of the FTX collapse, formerly the second-largest exchange in the world, its competitors are taking over its trading volume and market share. The nascent sector is still suffering the consequences of recent events; many crypto companies filed for bankruptcy or are in the process of raising emergency liquidity.\u00a0<\/span><\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/ftx-contagion-creates-fear-among-whales-and-old-hands\/\" target=\"_blank\" rel=\"noopener \">FTX Contagion Creates Fear Among Whales And Old Hands, On-Chain-Data Reveals<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The FTX\u2019s fallout is taking its toll on the crypto market. Bitcoin, Ethereum, and other more prominent cryptocurrencies are trading in losses. No digital assets escaped the bloodbath recorded by the sector in the previous week.\u00a0<\/span><\/p>\n<figure id=\"attachment_509735\" aria-describedby=\"caption-attachment-509735\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-509735 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/Binance-FTX-BNB.png?resize=860%2C376\" alt=\"Binance FTX BNB\" width=\"860\" height=\"376\"><figcaption id=\"caption-attachment-509735\" class=\"wp-caption-text\">BNB&#8217;s price trends to the downside on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/1GNYms9y\/?symbol=BINANCE%3ABNBUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>BNBUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>The FTX Demise Creates New Winners In The Crypto Industry?<\/h2>\n<p><span data-preserver-spaces=\"true\">According to a report from analytics firm Messari, crypto trading venues saw a significant decline in aggregate interest following FTX\u2019s bankruptcy. The trading venue represented about 25% of the crypto market\u2019s global Open Interest.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As seen in the chart below, the dynamics in the crypto market changed amid the FTX crisis. This platform\u2019s Open Interest has migrated to its competitors. Binance was the most significant benefactor; the platform absorbed most of FTX\u2019s former Open Interest.\u00a0<\/span><\/p>\n<figure id=\"attachment_509732\" aria-describedby=\"caption-attachment-509732\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-509732 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/FTX-FTT-Binance.jpg?resize=860%2C486\" alt=\"FTX FTT Binance\" width=\"860\" height=\"486\"><figcaption id=\"caption-attachment-509732\" class=\"wp-caption-text\">Source: Messari<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Nevertheless, the above chart hints at a tale of despair and panic rather than a race with one single clear winner. The Open Interest for crypto exchange platforms plummeted by over 43% in the past week. Messari noted:\u00a0<\/span><\/p>\n<blockquote><p>Binance was the main beneficiary of the FTX Official collapse, gaining 9.6% in market share. DeFi failed to capture any meaningful volume in the fallout continuing to hover around 3%. A limiting factor for DeFi\u2019s ceiling remains expensive transactions and slow block times.<\/p><\/blockquote>\n<p><span data-preserver-spaces=\"true\">In addition to capturing a critical portion of FTX\u2019s Open Interest, market participants migrated to Binance to trade digital assets. The platform saw a spike in its market share for Perpetual Trading Volume. This metric increased from 57% to 67%.\u00a0<\/span><\/p>\n<h3>Binance Dominates Crypto Exchange Sector<\/h3>\n<p><span data-preserver-spaces=\"true\">In the nascent industry, users believe Binance and its CEO Changpeng \u201cCZ\u201d Zhao capitalized on FTX\u2019s vulnerability to take over the sector. CZ denied this claim by stating that the industry suffered from its competitor\u2019s collapse.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, Messari\u2019s data presents a different picture and hint at the formation of a new landscape in the industry. Additional data from Token Terminal indicates that Binance Coin (BNB) saw an uptick in its trading volume in November.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/latest-findings-show-bitcoin-holders-under-fire-as-the-price-continues-to-sink\/\" target=\"_blank\" rel=\"noopener \">Latest Findings Show Bitcoin Holders Under Fire As Price Continues To Sink<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The turmoil created by FTX briefly benefited Binance\u2019s native token. Although, BNB\u2019s trading volume has declined following the general sentiment in the crypto market.\u00a0<\/span><\/p>\n<figure id=\"attachment_509733\" aria-describedby=\"caption-attachment-509733\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-509733 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/FTX-Binance-BNB-Chart-2.jpg?resize=860%2C333\" alt=\"FTX Binance BNB Chart 2\" width=\"860\" height=\"333\"><figcaption id=\"caption-attachment-509733\" class=\"wp-caption-text\">Binance Coin trading volume for the past 30 days. Source: Token Terminal<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the wake of the FTX collapse, formerly the second-largest exchange in the world, its competitors are taking over its trading volume and market share. The nascent sector is still suffering the consequences of recent events; many crypto companies filed for bankruptcy or are in the process of raising emergency liquidity.\u00a0 Related Reading: FTX Contagion Creates Fear Among Whales And Old Hands, On-Chain-Data Reveals The FTX\u2019s fallout is taking its toll on the crypto market. Bitcoin, Ethereum, and other more prominent cryptocurrencies are trading in losses. No digital assets escaped the bloodbath recorded by the sector in the previous week.\u00a0 The FTX Demise Creates New Winners In The Crypto Industry? According to a report from analytics firm Messari, crypto trading venues saw a significant decline in aggregate interest following FTX\u2019s bankruptcy. The trading venue represented about 25% of the crypto market\u2019s global Open Interest.\u00a0 As seen in the chart below, the dynamics in the crypto market changed amid the FTX crisis. This platform\u2019s Open Interest has migrated to its competitors. Binance was the most significant benefactor; the platform absorbed most of FTX\u2019s former Open Interest.\u00a0 Nevertheless, the above chart hints at a tale of despair and panic rather than a race with one single clear winner. The Open Interest for crypto exchange platforms plummeted by over 43% in the past week. Messari noted:\u00a0 Binance was the main beneficiary of the FTX Official collapse, gaining 9.6% in market share. DeFi failed to capture any meaningful volume in the fallout continuing to hover around 3%. A limiting factor for DeFi\u2019s ceiling remains expensive transactions and slow block times. In addition to capturing a critical portion of FTX\u2019s Open Interest, market participants migrated to Binance to trade digital assets. The platform saw a spike in its market share for Perpetual Trading Volume. This metric increased from 57% to 67%.\u00a0 Binance Dominates Crypto Exchange Sector In the nascent industry, users believe Binance and its CEO Changpeng \u201cCZ\u201d Zhao capitalized on FTX\u2019s vulnerability to take over the sector. CZ denied this claim by stating that the industry suffered from its competitor\u2019s collapse.\u00a0 However, Messari\u2019s data presents a different picture and hint at the formation of a new landscape in the industry. Additional data from Token Terminal indicates that Binance Coin (BNB) saw an uptick in its trading volume in November.\u00a0 Related Reading: Latest Findings Show Bitcoin Holders Under Fire As Price Continues To Sink The turmoil created by FTX briefly benefited Binance\u2019s native token. Although, BNB\u2019s trading volume has declined following the general sentiment in the crypto market.\u00a0<\/p>\n","protected":false},"author":535,"featured_media":509714,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,11427,79611,71704],"class_list":["post-509705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bnb","tag-bnbusdt","tag-ftx"],"acf":[],"yoast_head":"\n<title>What Exchange Absorbed FTX Trading Volume? Report Answers<\/title>\n<meta name=\"description\" content=\"In the wake of the FTX collapse, formerly the second-largest exchange, its competitors are taking over its trading volume and market share.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/what-exchange-absorbed-ftx-trading-volume-report-answers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Exchange Absorbed FTX Trading Volume? 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/uniquehot.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"What Exchange Absorbed FTX Trading Volume? Report Answers","description":"In the wake of the FTX collapse, formerly the second-largest exchange, its competitors are taking over its trading volume and market share.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/what-exchange-absorbed-ftx-trading-volume-report-answers\/","og_locale":"en_US","og_type":"article","og_title":"What Exchange Absorbed FTX Trading Volume? 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"What Exchange Absorbed FTX&#8217;s Trading Volume? 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