The new funding will be focused on expansion efforts and growing iSTOX’s investment offerings. Singapore-headquartered digital securities platform iSTOX has closed its Series A fundraise at US$50 million, the company announced in a statement yesterday. With the close, the company welcomes four [...]
Huobi trading volumes held fast in the second quarter despite Bitcoin crash
Singapore-based global cryptocurrency trading platform Huobi has recorded a trading volume worth US$877.8 billion on the platform in the first half of 2020, Huobi announced in a statement late last week.
Both its highest and lowest monthly trading volumes were recorded in the second quarter, according to information revealed by the company.
Trading volumes peaked at $187.8 billion in May this year, whereas the lowest monthly volume for the year so far was recorded in April at $121.63 billion, presumably because of the Bitcoin crash in March this year when Bitcoin prices fell by 55%.
(In another price drop, Bitcoin prices recently fell by $1458 earlier this month within an hour, in what is being called a flash crash.)
Quarter wise, Huobi’s performance remained more or less consistent with $444.15 billion in traded volumes recorded in the first quarter, and a slight dip in the subsequent quarter at $433.87 billion.
The statement revealed that the transaction volume in Q2 saw no “real decline”, despite a market drop followed by sideways trading (where the market is neither bullish nor bearish, and prices trade within a horizontal range for a period, before moving into a new trend or resuming into a previous one).
Huobi’s new perpetual swap product, which it launched in March this year, has been an “instant success,” the statement said.
In June, Huobi surpassed BitMEX with a perpetual swaps trading volume of $50.2 billion, marginally beating the $46.85 billion at BitMEX, according to company information in the statement. Interestingly, it was BitMEX’s perpetual swaps product that put it ahead on the leader board in the crypto derivatives trading market.
Total perpetual swap trading volume for Q2, Huobi’s first full quarter, stood at $151.36 billion for Huobi, and $194.79 billion for BitMEX.
Moreover, Huobi outperformed OKEx in coin-margined futures trading volume for all three months of Q2, the statement noted, with a total traded volume of $282.33 billion as compared to OKEx’s $179.05 billion for the quarter.
Huobi also outperformed OKEx in Q2 BTC weekly contracts trading, although OKEx clinched the lead for bi-weekly contracts trading, the statement noted.
The statement noted that Huobi’s sound market depth (as compared to OKEx) and relatively lower slippage rates mean that Huobi Futures, Huobi’s derivatives market, has stronger chances of avoiding flash crashes (such as Bitcoin’s August flash crash) and also facilitate instant order fulfilment for a better online trading experience.
Market depth refers to the ability to manage large buy or sell market orders without it impacting the prices of security, while slippage is the difference between the anticipated trade price and the actual price at which the trade is executed.
Huobi Futures, BitMEX, OKEx (Futures) and Binance (Futures) are the top four leading crypto derivatives exchanges based on trade volume and open interest.
Overall, Huobi Global is the second-largest crypto exchange based on volume till date, with $2.15 trillion in trading volume, after CoinEx which has over $60 trillion in trading volume till date. Huobi is followed by OKEx ($1.53 trillion), Binance ($1.45 trillion) and BitMEX ($957 billion).