Crypto Guides, Knowledge & Insights

In August, the Total Trading Volume for Cex Spot and Derivatives Decreased by 11.5%

According to a report by CCData, the total trading volume for centralized exchanges (CEX) in both spot and derivatives markets decreased by 11.5% to $2.09 trillion in August.　　CCData data indicates that spot trading volume on CEXs declined for the second consecutive month in August, falling by 7.78% to $475 billion, reaching its lowest point since March 2019. Derivatives trading volume on CEXs also dropped by over 12% to $1.62 trillion in August, marking the second-lowest level since 2021. The share of derivatives in the total market trading volume has been decreasing for the third consecutive month, reaching 77.3% in August. The USD value of open derivatives positions in August decreased by 19.5% to $17.1 billion, with partially reported exchange data showing a reduction of $4.13 billion in open positions, marking the largest decrease in open positions so far this year.　　　　

2023-09-08Deep Dive

Binance Dominates With 30.7% Market Depth And 64.3% Trading Volume

Kaikos report shows heavy concentration in crypto market depth and liquidity. Binance dominates with 30.7% of global market depth and 64.3% of trade volume.　　Kaiko, a cryptocurrency data provider, recently released a report on exchange-level liquidity. The report compiled average 1% market depth and cumulative trade volume for BTC, ETH, and the top 30 crypto assets by market cap, providing a suitable gauge for measuring exchange-level liquidity.　　The report found that liquidity is heavily concentrated and has become more so over time. In 2023, Binance accounted for 30.7% of global market depth and 64.3% of global trade volume, with the top 8 largest platforms accounting for 91.7% of depth and 89.5% of volume.　　The concentration of market depth has fallen for the top exchange, from 42% to 30.7%, which suggests that Binances zero-fee trading program had an unequal impact on volume relative to market depth. However, just 8 exchanges still account for more than 90% of global market depth.　　When looking at altcoin liquidity, the report found that it is heavily concentrated on just three platforms: Coinbase, Kraken, and Bitstamp within U.S.-available exchanges. Krakens altcoin liquidity has performed particularly well, making it a strong contender with Coinbase. Since August 2022, Kraken has not seen

2023-09-08Deep Dive

Grab Adds Web3 Crypto Wallet And Guidance On NFTs For 180 Million Users

Grab adds a Web3 crypto wallet to its platform. This addition brings cryptocurrency to a massive new 180M users.　　Grab, Southeast Asias largest Uber-like app has added a Web3 crypto wallet to its platform. With 180 million users, this addition brings cryptocurrency to a massive new audience. Currently, the Web3 wallet is available for use in the Singapore region, with support for the Polygon wallet and guidance on wallets and NFTs.　　Source: @0xjaypeg　　According to the announcement, the Web3 wallet allows users to store, send, receive, transfer, track, and manage digital assets and tokens that are created and recorded on a blockchain or distributed ledger. To use the wallet, digital tokens must be available for use in the wallet and transacted on blockchain networks and protocols that are compatible with the wallet. These tokens can then be used or spent at participating third-party providers, making cryptocurrency more accessible than ever.　　Source: @0xjaypeg　　The Web3 wallet holds digital tokens separately from the fiat currency or GrabPay Credits, which are held in the GrabPay Wallet. The service is currently only available to users of the Grab Platform who have fulfilled the eligibility conditions determined by the company. However, the company reserves the right to reject any participation

2023-09-08Deep Dive

Binance Now Addresses CYBER Liquidity Crunch, Distributes 800K USDT Tokens

Binance addresses concerns over CYBER redemption, increases loan rates, and introduces risk management measures to improve user experience. Impacted users to receive a share of USDT tokens and CYBER.　　Binance recently addressed concerns regarding the redemption of CYBER Simple Earn Flexible Products. The issue arose due to a large price discrepancy of CYBER between Upbit and other exchanges. With the price of CYBER soaring, arbitrage users started to borrow CYBER for their trading strategies, leading to a surge of loan requests for CYBER that triggered the risk management protocol on Binance.　　As a result, new loan requests were halted, and loan interest rates were increased to a large extent. Despite maintaining a maximum borrowing limit as a buffer for redemptions, the exceedingly large volume of redemption requests could not be fulfilled immediately. Binance will adjust the loan interest rates dynamically and strengthen its risk management measures to foster a better user experience.　　Binance has also announced that 887 impacted users who failed to redeem their CYBER Simple Earn Flexible Products positions between August 29, 2023, at 00:00 (UTC) and September 5, 2023, 00:00 (UTC) will receive a share of USDT tokens from a total pool of 800,000 USDT and an additional 871 CYBER.　　The

2023-09-08Deep Dive

Whale Deposited 4.5M Worldcoin (WLD) To 3 Exchanges As Price Soars More Than 27%

Key Points:　　A whale transferred 4.5 million Worldcoin (WLD) tokens to 3 major exchanges. The move attracted attention as the token price has skyrocketed by 27.5% in the past 24 hours.These recent developments underscore the complexity and controversy surrounding Worldcoin, as governments, whistleblowers and the public engage in discussions and investigations to understand its implications.　　According to monitoring by Spotonchain, an on-chain analytics tool, an hour ago, a Worldcoin (WLD) market maker transferred 4.5 million WLD to 3 CEX, equivalent to about $6.07 million.　　Of those, $3 million was transferred to Binance, $1 million was transferred to Bybit, and $500,000 was transferred to KuCoin.　　It is known that the market maker received 11 million WLD market making tokens before WLD went online and currently the market maker address still holds 2.96 million WLD (about $4.02 million).　　Operations on the market maker chain:　　Allegedly accumulated 9.186M $WLD from many exchanges, including Binance, OKX, Kucoin, Gate.io, and Bybit at $1.835 on average ($16.9M) between July 25 and August 24　　Has transferred out a total of 6.225M $WLD to Binance, OKex, Kucoin, Huobi, and Bybit at $1.34 on average ($8.36M)　　Given such trading pattern, the whale may be a market-maker.　　Estimated total loss based on the current price of $1.35: loss $4.52M.　　CoinMarketCap

2023-09-07Deep Dive

Grayscale’s Bitcoin Holdings Revealed: Second-Largest BTC Player With $16 Billion

Key Points:　　Arkham Intelligence finds Grayscale‘s Bitcoin Trust as the world’s 2nd largest BTC holder, with $16 billion across 1,750 addresses. Despite privacy efforts, the company‘s vast crypto presence is revealed. Grayscale’s Bitcoin Trust is in a legal battle with the SEC, aiming to become an ETF amid evolving regulations.　　Blockchain analytics firm Arkham Intelligence has identified Grayscales Bitcoin Trust as the second-largest Bitcoin (BTC) holder in the world.　　According to their findings posted on X (formerly Twitter) on September 6, GBTC comprises more than 1,750 addresses collectively holding over $16 billion worth of Bitcoin. This revelation solidifies the companys position as a major player in the cryptocurrency space.　　Despite Grayscale‘s attempts to keep the trust’s on-chain addresses confidential, Arkham Intelligence managed to uncover the distribution of funds across these addresses, with each holding 1,000 BTC or less.　　Its official website corroborates this information, reporting total assets of $16.009 billion under its BTC trust.　　The Grayscale Bitcoin Trust is currently in a legal battle with the U.S. Securities and Exchange Commission (SEC) as it seeks to convert into an exchange-traded fund (ETF). This move signifies the companys ongoing efforts to adapt to the evolving regulatory landscape surrounding cryptocurrencies.　　Notably, Arkham Intelligence previously discovered 500 crypto wallets linked

2023-09-07Deep Dive

Genesis has filed a lawsuit against DCG and DCGI, seeking the repayment of over $600 million in loan

Genesis Global Capital has filed a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI), demanding the repayment of multiple loans totaling over $600 million in principal.　　Two related documents reveal that DCG borrowed up to $500 million from Genesis through four different loans in 2022, while DCGI borrowed 18,697.7 BTC from Genesis in 2019.　　DCG and Genesis signed a master loan agreement on November 10th of last year, with the extension or regular maturity date for each 2022 loan set for May 9th or 10th, 2023. DCGI, on the other hand, signed a master loan agreement with Genesis on June 21st, 2019, extending the loan maturity date to 2023. Note that both Genesis and DCGI are subsidiaries of DCG.　　As of Wednesday, DCG owes Genesis $500 million, and DCGI owes Genesis 4,550.5 BTC (valued at approximately $117 million at the time of writing). Genesis is also seeking the payment of late fees and accrued interest, claiming that these funds are “property that the debtor can use in its ongoing bankruptcy cases.”　　

2023-09-07Deep Dive

Over the past 30 Days, the Supply of Fdusd Has Increased by 51%, with MCAP Nearing $394 Million

According to Nansen data, the supply of the First Digital USD (FDUSD) stablecoin has increased by 51% in the past 30 days, with a market capitalization approaching $394 million.　　According to CoinGeckos data, based on this market capitalization, FDUSD is currently the eleventh-largest USD stablecoin by market value.　　Nansen analyst Martin Lee stated, “Over 90% of FDUSDs supply is on the Binance platform, and there is currently no real use case in DeFi or any on-chain applications, so there is nothing really exciting happening with it at the moment.”　　

2023-09-07Deep Dive

Dydx Will Be Migrating to the Cosmos Network

In an interview, Charles dHaussy, CEO of the dYdX Foundation, stated that one of the challenges faced by decentralized exchange platforms is the insufficient performance of on-chain order books. Due to this issue, DEXs need to move their order books off-chain to meet the demands of platform users. Even with a block time of just 1 second, it would still result in a 1-second delay for the order book.　　Regarding the migration plan, Charles dHaussy mentioned that dYdX will be migrating to the Cosmos network. dYdX is not expanding but simply migrating, and the dYdX trading platform on Ethereum will be shutting down in the next few months. Users only need to connect their MetaMask wallets to the new dYdX chain.　　

2023-09-07Deep Dive

Rumor: Is Polygon Foundation Selling Nearly $6M MATIC?

Key Points:　　According to data, the Polygon Foundation had deposited nearly $6 million in MATIC on the Binance exchange. Many predictions suggest that a large discharge may take place shortly. MATIC price has fallen more than 15% in the past month and is down nearly 81% from its all-time high.　　According to on-chain data from Lookonchain, Polygon Foundation Wallet Address 0x8d36 has deposited 6 million $MATIC worth of $3.35 million to the Binance exchange in the past 2 days. Another Polygon Foundation address 0xf957 sent 4.6 million $MATIC worth about $2.57 million to Binance in the past 30 days.　　Polygon Foundations move confused many investors confused and predicted there would be a large amount of liquidation in the future. This could create a wave for investors to move their MATIC tokens to exchanges and cause the token price to continue to sink.　　The Polygon network was developed as a layer 2 solution in the Ethereum network to facilitate the creation of Dapps, smart contracts, and transactions at a faster and cheaper rate than the Ethereum network.　　The native token of the Polygon network is MATIC, which is responsible for network security, administration, and transaction fees. Despite hitting an all-time high in 2021, the value of

2023-09-07Deep Dive

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