LMAX Digital Volumes Mixed as Crypto Rout Continues
Posted by Colin Lambert. Last updated: July 6, 2022
The continued decline in cryptocurrency values in June offered mixed news for institutional crypto platform LMAX Digital with the dollar value of turnover declining thanks to the lower prices, but the number of coins traded actually increasing both from May and June 2021.
Total monthly volume was $18.4 billion, with Bitcoin contributing $12.4 billion and Ether $4.1 billion. In terms of Bitcoin traded, however, at 803,165 it was the busiest month since September 2021, a 13.1% increase from May.
After a surge in activity in May when they were collectively responsible for 48% of activity, large non-banks and HFTs returned to the longer-term average and were responsible for 42% of activity in June. Hedge funds drove 35% of activity, up from 31.6% in May, suggesting perhaps, that this segment was jumping on the downtrend, although again, this was a return to the longer-term trend. Activity from brokers and “others” was largely unchanged in dollar terms, however both saw their share of activity decline.