Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

Crypto

<ul><li>The Curve 3pool – long one of the most important sources of liquidity for DAI, USDC, and USDT – has continued to bleed this summer, shrinking by $175mn.</li><li>This outflow has been primarily led by USDC; users have withdrawn $125mn of Circle’s stablecoin.</li><li>By this metric, USDT has remained roughly even while $60mn DAI has been removed, $25mn of which came in just three transactions on July 31.</li></ul>

The Curve 3pool – long one of the most important sources of liquidity for DAI, USDC, and USDT – has continued to bleed this summer, shrinking by $175mn.This outflow has been primarily led by USDC; users have withdrawn $125mn of Circle’s stablecoin.By this metric, USDT has remained roughly even while $60mn DAI has been removed, $25mn of which came in just three transactions on July 31.

<ul><li>BTC volume dominance has slipped 8% since the start of July following the Ripple ruling, which instantly caused altcoin markets to rally.</li><li>BTC dominance across the top 25 centralized exchanges is currently at its lowest level since April, at 27%.</li><li>Offshore exchanges have experienced a more extreme drop in BTC trading activity, partially due to a spike in South Korean altcoin volume.</li></ul>

BTC volume dominance has slipped 8% since the start of July following the Ripple ruling, which instantly caused altcoin markets to rally.BTC dominance across the top 25 centralized exchanges is currently at its lowest level since April, at 27%.Offshore exchanges have experienced a more extreme drop in BTC trading activity, partially due to a spike in South Korean altcoin volume.

<ul><li>Stablecoins are systemically important in cryptocurrency markets, so even the slightest depeg can cause mass market contagion.</li><li>As such, it is concerning that stablecoins have been particularly volatile since the start of 2023</li><li>TUSD wobbled amid Prime Trust's closure, USDT depegged due to mysterious selling activity, BUSD has been increasingly volatile since Paxos halted issuance, and USDC crashed during the March banking crisis.</li></ul>

Stablecoins are systemically important in cryptocurrency markets, so even the slightest depeg can cause mass market contagion.As such, it is concerning that stablecoins have been particularly volatile since the start of 2023TUSD wobbled amid Prime Trust's closure, USDT depegged due to mysterious selling activity, BUSD has been increasingly volatile since Paxos halted issuance, and USDC crashed during the March banking crisis.

<ul><li>The stablecoin market has been upended in 2023.</li><li>The start of the year saw BUSD given an expiry date of 2024, a banking crisis in March hit USDC and DAI hard, while Binance anointed TUSD as its stablecoin of choice by choosing it for one of the few zero-fee BTC pairs in crypto.</li><li>All of these events had huge ramifications for stablecoin market structure.</li></ul>

The stablecoin market has been upended in 2023.The start of the year saw BUSD given an expiry date of 2024, a banking crisis in March hit USDC and DAI hard, while Binance anointed TUSD as its stablecoin of choice by choosing it for one of the few zero-fee BTC pairs in crypto.All of these events had huge ramifications for stablecoin market structure.

<ul><li>The banking crisis and ongoing regulatory crackdown have upended crypto market structure, leaving an uncertain dynamic among the world’s largest exchanges.</li><li>Over the past two weeks, Binance has lost 16% market share of trade volume following a CFTC lawsuit and the decision to end its zero-fee trading program.</li><li>The exchange remains the largest in the world with 54% dominance. </li></ul>

The banking crisis and ongoing regulatory crackdown have upended crypto market structure, leaving an uncertain dynamic among the world’s largest exchanges.Over the past two weeks, Binance has lost 16% market share of trade volume following a CFTC lawsuit and the decision to end its zero-fee trading program.The exchange remains the largest in the world with 54% dominance. 

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Dai (DAI CURNCY)

Curve 3pool Sees $175m Outflows

The Curve 3pool – long one of the most important sources of liquidity for DAI, USDC, and USDT – has continued to bleed this summer, shrinking by...

Kaiko

Altcoin Dominance Hits 4-Month High

BTC volume dominance has slipped 8% since the start of July following the Ripple ruling, which instantly caused altcoin markets to rally.

Kaiko

The State of Stablecoins

Stablecoins are systemically important in cryptocurrency markets, so even the slightest depeg can cause mass market contagion.

Kaiko

Stablecoins: Does Trust Really Matter?

The start of the year saw BUSD given an expiry date of 2024, a banking crisis in March hit USDC and DAI hard, while Binance anointed TUSD as its...

Kaiko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curve 3pool Sees $175m Outflows

The Curve 3pool – long one of the most important sources of liquidity for DAI, USDC, and USDT – has continued to bleed this summer, shrinking by...

Kaiko

Altcoin Dominance Hits 4-Month High

BTC volume dominance has slipped 8% since the start of July following the Ripple ruling, which instantly caused altcoin markets to rally.

Kaiko

The State of Stablecoins

Stablecoins are systemically important in cryptocurrency markets, so even the slightest depeg can cause mass market contagion.

Kaiko

Stablecoins: Does Trust Really Matter?

The start of the year saw BUSD given an expiry date of 2024, a banking crisis in March hit USDC and DAI hard, while Binance anointed TUSD as its...

Kaiko

Binance Market Share Tumbles 16%

The banking crisis and ongoing regulatory crackdown have upended crypto market structure, leaving an uncertain dynamic among the world’s largest...

Kaiko