LMAX Digital Volumes Rebound in May
Posted by Colin Lambert. Last updated: June 7, 2022
After a sustained period of low activity, May was a busier month for LMAX Digital with volumes returning to where they were at the start of the year.
Overall volume was $22 billion, up 42% from April’s low point, but down a massive 70% from May 2021, which was the platform’s busiest month to date. Bitcoin volume in May was $13.6 billion, up 54.5% from April, but down 62.8% year-on-year, while Ethereum activity was $5.7 billion, up 16.3% from April, but also down significantly, by 71%, year-on-year. Other coins’ volume was $2.6 billion, up from $1.8 billion in April, but down from $17.4 billion in May 2021.
Large non-banks and HFTs continue to be the dominant players on LMAX Digital, being responsible for 48.6% of volume at $10.7 billion, while hedge funds traded just under $7 billion, or 31.6% of volume. Brokers at $2.2 billion and others at $2.1 billion both had around 10% of the market. By comparison, in April large non-banks and HFTs were responsible for 42.6% of activity, while hedge funds traded 36.5% of volume. Brokers and others had just over 10% of activity in that month.
Although activity remains historically low, there will be some heart taken at the fact that unlike many previous months when crypto values have suffered, activity has picked in just such a month. May saw the Terra stablecoin blow up and a dip to year’s lows for the major cryptocurrencies.